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CBIC - European Transparency Standards
Investors have been asked many times by issuers, in different contexts, what their information needs are. So far there has been no single answer to this question but following the growth of the covered bond market there has been an increased fragmentation in the information provided by issuers.
Therefore the CBIC set-up a transparency working group which has tried to indentify key information investors in covered bonds would need to make better informed investment decisions.
A public consultation was launched on April 14, all documents are available here.
The CBIC is currently conducting its second round of consultation with its membership and the respondents to the consultation. Click here for more information.
CBIC statement on the on-going usage of ‘shadow / IOI’ books
The financial crisis and the high degree of uncertainty in the capital markets justified closer direct communication between issuers and investors. Investors fully understood their responsibility to support the Jumbo Covered Bond Market and gave very detailed guidance for successful deals in addition to the book-building process. A well-functioning primary market is in the interest of all market participants.
The traditional official opening of a primary book and pricing the following day is not in fact different from the currently used shadow book building with screen announcements, official opening and pricing the subsequent day. However the use of the shadow book building process means that the opening of the book is limited to a few hours compared to a whole day in the traditional book building process. This restricted opening time limits the scope of investors to evaluate the information provided on new issues. This is also damaging in the case of smaller investors who may not be pre-sounded.
CBIC also wants to draw attention to the increased risk of regulatory “inside information” concerns that arise from the current use of shadow book building.
In light of these observations, the CBIC urges issuers and their lead managers to return to using the traditional book-building process rather than the shadow book building process. The CBIC recommends the adoption of a longer fixed timeframe during which books would be open rather than the over hasty closing of books.
ICMA Executive Education
