Issuance Services

Since 1 June 2006, issuers can choose between two legal and holding structures for the representation of their international debt securities in bearer form, namely the Classical Global Note (CGN), a structure that has been in use for a number of years, and the New Global Note (NGN), a new structure launched in response to a recommendation by the Eurosystem with respect to the custody structure of international debt securities.

Any issuer that wants its debt to qualify as eligible collateral for Eurosystem monetary policy and intraday credit operations is required, as of 1 January 2007 to issue the debt using the new NGN form.

The new structure will also be available in conjunction with the CGN form for all other securities. The related safekeeping and asset servicing functions will depend on the form of the global note chosen, and are described in detail in our Customer Handbook.