ICMA’s lead-manager constituency periodically participates in various discussions between the sell-side and investors.
Book updates
On 17 December 2020, the ICMA Primary Markets Handbook (under the Book disclosure heading in Chapter 5, Bookbuilding and launch) was amended to include updated item 5.13A (for Europe) and new item 5.13B (for Asia) – see here.
Availability of offer documentation
To reflect our commitment towards timeliness of offer documentation disclosure, ICMA published several recommendations on the availability of documentation to investors. These are contained in the remodelled ICMA Primary Market Handbook at Recommendations 5.11 and 5.12 (Documentation availability to investors). ICMA also references availability of offering documentation in Appendix A12 (Pre-sounding, bookbuilding and allocations) of the ICMA Primary Market Handbook (which was previously known as ICMA Explanatory Note XIII). These items can be found in the ICMA Primary Market Handbook (IPMA Handbook).
Senior debt / negative pledge covenant
ICMA published an explanatory note which aims to provide a brief, “non-legal” explanation of the term “senior” and the “negative pledge” covenant, as they are currently used in the terms and conditions of international corporate bond issues. The note, drafted in consultation with the Association of British Insurers (ABI), is intended to provide clarification on the use of these terms and highlight the most common misconceptions about their meaning.
12 October 2006
ICMA explanatory note on use of senior and negative pledge covenant
Contacts:
Ruari Ewing
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Primary Market Practices Committee and related groups
Direct line: +44 20 7213 0316
Miriam Patterson
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal and Documentation Committee (LDC)
Direct line: +44 20 7213 0321
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Welcome to the International Capital Market Association
For over 50 years ICMA and its members have worked together to promote the development of the international capital and securities markets, pioneering the rules, principles and recommendations which have laid the foundations for their successful operation.
A global community for the capital markets
ICMA has over 620 members located in 70 jurisdictions drawn from both the sell and buy-side of the market.
ICMA engages with its global membership on market practice and regulatory policy issues through its expert forums.
Here are the key sections covering our work programmes, including contact details of ICMA staff responsible for each area.
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Primary Markets
- ICMA Primary Market Handbook - Home
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Primary Market Topics
‣
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Secondary Markets
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Repo and Collateral Markets
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Legal Documentation
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- Global Master Repurchase Agreement (GMRA)
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- 2011 Global Master Repurchase Agreement (GMRA) Protocol (Revised) Adhering Parties
- Repo and Collateral Council and related groups ‣
- ICMA ERCC Publications ‣
- “T+1” – the shortening of standard settlement cycles
- Market Data ‣
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Legal Documentation
‣
ICMA serves as Secretariat to the GBP, the SBP, the SBG and the SLBP, providing support while advising on governance and other issues.
ICMA also leads numerous other initiatives in sustainable finance. ICMA is at the forefront of the financial industry’s contribution to the development of sustainable finance and in the dialogue with the regulatory and policy community.
ICMA seeks to mainstream relevant FinTech developments and market electronification through all of its initiatives, activities and fora.
FinTech and market electronification are addressed through ICMA’s various committees, working groups and work streams as well as through bilateral discussions with member firms and technology providers.
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