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A bond indenture, or trust deed, is a contractual agreement between a bond issuer and holder that outlines the terms and protections for both parties. It includes key features such as the issuer's legal identity, par value, maturity date, coupon rate, payment frequency, issue location, and currency denomination. Additionally, it covers funding sources, collateral, credit enhancements, and covenants. Covenants are clauses to protect bondholder interests and can be affirmative or negative. Affirmative covenants require issuers to take specific actions, such as maintaining insurance, while negative covenants restrict certain actions, like incurring additional debt. Examples of affirmative covenants include maintaining financial ratios, whereas a negative covenant might prohibit selling assets without consent.
