Convertible debt issuance conditions require credit rating, trustee appointment, reserve creation and prescribed security safeguards. Issuers making an initial public offer of convertible debt instruments must obtain a credit rating, appoint at least one debenture trustee, and create a debenture redemption reserve; where instruments are secured, charged assets must be sufficient and unencumbered, prior consent is required for second or pari passu charges and asset cover for subsequent charges must be computed after deducting liabilities with prior charge. Redemption must follow the offer document.