Access the Handbook: log-in (Password protected – ICMA members and Handbook on-line subscribers only)

Background

Since its launch in 1985, the ICMA Primary Market Handbook has grown from a few short pages covering the issuance of straight Eurobonds to a comprehensive document covering a broad range of international securities. It is very much a “live document”, continuously responding to market developments when guidance or standardisation is required.

A copy of the index, the most recent additions and notes of any pending changes not noted in the Handbook itself can be found here.

The International Primary Market Association (IPMA) merged with the International Securities Market Association (ISMA) in July 2005, creating the International Capital Market Association (ICMA). The Handbook, however, continued for some time to be referred to as the "IPMA Handbook" pending any consolidation into a single handbook of the rules and recommendations of the former IPMA and ISMA. Similarly, the recommendations, standard documentation, guidance notes, etc., contained in the Handbook continued to be referred as “IPMA” recommendations, standard documentation, guidance notes, etc. The Handbook is now termed the “ICMA Primary Market Handbook”, with its content material designated as “ICMA”. An editor’s note has been published giving further detail.

Generally, the Handbook is intended to apply to cross-border issues of securities lead-managed by ICMA members, who are presumed (except as stated to the contrary in the relevant syndicate invitation) to be applying relevant ICMA Recommendations (further detail is set out within the Handbook). Oversight of the Handbook rests with ICMA’s Executive committee acting on the advice of the ICMA Primary market practices committee and the ICMA Legal and documentation committee.

Accessibility

The Handbook exists in hard-copy and on-line soft-copy versions. The advantage of the on-line version is that it is maintained by ICMA regarding any additions or other changes and so represents an up to date version for users. Updates to the hard-copy version are distributed individually by e-mail, with hard-copy inserts following subsequently by post on an irregular basis (once sufficient updates have been aggregated) and the onus is on the recipients to ensure that their copy of the hard-copy Handbook is correctly updated.

The various access types are set out in the table below.