Sovereign Debt cost £110,000 as a yearling and won three of his first seven starts, albeit at a reasonably modest level. He first gave notice of his true ability in the Group 3 Jersey Stakes at Royal Ascot in 2012 which he would have gone close to winning but for suffering severe interference.
Following victory in a minor event at Newmarket, he gained his first Pattern Race placing when beating all bar Tullius in the Group 3 Sovereign Stakes at Salisbury on August 16 2012.
This effort earned him a crack at two British Champions Series races to end his three-year-old campaign – he finished eighth to Penitent in the Group 2 Nayef Joel Stakes at Newmarket and fifth to Excelebration in the Group 1 Queen Elizabeth II Stakes sponsored by QIPCO on British Champions Day at Ascot.
His 2013 campaign began with two unspectacular second places in Listed races at Doncaster and Ascot. Then, at odds of 80/1, he produced a career best to chase home Farhh (albeit at the respectful distance of four lengths) in the Group 1 JLT Lockinge Stakes at Newbury on May 18. He disappointed next time, however, when near the back of the field in the Queen Anne Stakes at Royal Ascot and was beaten a neck in a conditions race at Newmarket when odds-on to win. Two further starts at Doncaster yielded 8th of nine in a Group 2 and second place in a Conditions race.