Tepoel Lecture: Bond Trustees and the Rising Challenge of Activist Investors

Abstract

INTRODUCTION|A bond indenture is the contract controlling the relationship between investors in corporate bonds and the issuer of those bonds. Large financial institutions, such as U.S. Bank, Bank of NY Mellon, and Deutsche Bank, typically administer the governance of bond indentures on behalf of the investors; in that role, they are called indenture trustees or, more colloquially, bond trustees.