Trust indenture is an agreement in the bond contract made between a bond issuer and a trustee for the benefit of bondholder. The trust indenture establishes the rights, duties, responsibilities and remedies of the issuer and trustee and determines the exact nature of the security for the bonds. These days the issuing of corporate bond is gradually becoming more important in Korea. But trust indenture system is not enough to protect bondholder`s interest. Even there are some gap between principle and reality. This article introduces recently revised Japanese legal system of the indenture trustee for corporate bond, and also examines the possibilities to improve for corporate bond issuing system in the current bill on Korean Commercial Act. The author insists that the current bill on trust indenture should specify the rights and obligations of the bondholders as well as delineate the terms of the securities. Also I insist that the bill should cover the indenture trustee`s responsibility of safeguarding the interests of the bondholders. Finally, I provide some suggestions to solve the problems of issuing bond regulation with regard to the indenture trustee of the current bill on Korean Commercial Act.