The name is Bond, Simple Corporate Bond

Changes in the law to facilitate easier retail debt fundraising took a step forward, when the Government introduced its Simple Corporate Bond legislation into Parliament.

The main features are:

• there will be a defined category of "simple" retail bonds -
• • maximum face value of $1000
  • a maximum term of 10 years
  • quoted
  • not subordinated to unsecured creditors;
• the bonds will be offered via a two-part prospectus, consisting of a base prospectus with a life of three years and a tranche-specific prospectus (which will be similar to a cleansing notice);
• directors of companies issuing the bonds will not be personally liable under s 729 unless they were involved in the relevant contravention; and