Convertible debt instrument issuance requires credit rating, debenture trustees, redemption reserve and secured-charge conditions to be satisfied. Issuers of public or rights issues of convertible debt instruments must obtain a credit rating, appoint debenture trustees, and create a debenture redemption reserve. For secured issues, charged assets must be sufficient and free of encumbrance; consent for second or pari passu charges from prior chargeholders or lessors must be obtained and provided to the debenture trustee before the issue opens; and security cover for subsequent charges must be computed after deducting prior charge liabilities. Redemption must follow the offer document.