| Underwriter | An organisation, normally a merchant bank or a broking firm, that guarantees a minimum level of subscription to a share or debt issue. If public subscriptions fail to reach the minimum level, the underwriter takes up the shortfall. Underwriters often have sub-underwriters to share the risk. |
| Unsecured Note | A fixed interest security with a maturity date and specified rate of interest.
Unlike a debenture, it is not secured by a charge over the issuing company's assets. Unsecured note holders rank ahead of shareholders in the event of the company's liquidation. |