Paying agent

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In respect of a bond, an institution, a company or a bank which, on behalf of the issuing company that appoints it, makes interest payments and repayment of the principal upon presentation of coupon and/or bond certificates.

The term 'paying agent' is usually used where the bond also has a trustee who represents the interests of the bondholders.

Where there is no trustee, the agent is commonly referred to as a 'fiscal agent'.

See also