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They are issued based on the creditworthiness of the company and the trust of investors. Debentures, a form of long-term debt instrument, can be classified as either secured or unsecured. Unsecured debentures, also known as naked debentures, do not have the backing of any company assets. Instead, they rely solely on the creditworthiness of the issuing company and the trust of investors. This type of debenture can be seen as a higher risk investment, but can also offer higher returns. As a knowledgeable finance professor, it is important to understand the various forms of debentures and their implications for both companies and investors.
