Convertible debt issue requirements: rights issuers must secure credit rating, debenture trustee, security cover and redemption compliance. Regulation 63 requires issuers making a rights issue of convertible debt instruments to obtain a credit rating, appoint at least one debenture trustee, and create a debenture redemption reserve under company law. For secured issues, assets must be sufficient and free of encumbrance, consents for second or pari passu charges or leasehold security must be obtained and submitted to the debenture trustee before opening the issue, and security cover must be calculated after reducing liabilities with a prior charge. Redemption must follow the letter of offer.