Quick Find:
Recent ICMA Primary Market Handbook (IPMA Handbook) items
Table of contents - Table of contents as at February 2015



Pending items

ICMA has approved, but not yet published, updated Standard Documentation and Standard Language X - ICMA Standard Form ECP Documentation.

Substantially final but unapproved drafts of the following updated Standard Documentation and Standard Language are pending for formal approval and publication:
  • Standard documentation and standard language II - ICMA Pro Forma Final Terms and Pricing Supplement for Medium Term Note Programmes (minor amendments only)
  • Standard documentation and standard language IX - Standard Selling Restrictions (UK & EEA Prospectus Directive)
  • Standard Documentation and Standard Language XI - Market Abuse Directive – Stabilisation Safe Harbour
  • Standard Documentation and Standard Language XII - ICMA Pro Forma Retail Cascade Legends for Prospectuses and Base Prospectuses (minor amendments only)
These documents will only be published in the remodelled ICMA Primary Market Handbook, which is expected to be published in summer 2015 (for more information, see the article entitled  “ICMA Primary Market Handbook review” on pages 36 – 37 of the ICMA Quarterly Report Second Quarter 2015). In the meantime, ICMA members and Handbook subscribers can contact ICMA staff to obtain copies of these documents. 



Recommendation 1.32 – New Issue Processes


ICMA has published revised Recommendation 1.32 on new issue processes.

May 2015 - Recommendation 1.32 – New Issue Processes



Explanatory Note XIII – Pre-sounding, Bookbuilding and Allocations

ICMA has published revised Explanatory Note XIII on pre-sounding, bookbuilding and allocations.

May 2015 - Explanatory Note XIII – Pre-sounding, Bookbuilding and Allocations



Recommendation 1.33 – Pricing References for New Sterling Eurobonds

ICMA has published new Recommendation 1.33 on pricing references for new Sterling Eurobonds.

February 2015 - Recommendation 1.33 – Pricing References for New Sterling Eurobonds



Recommendation 1.31 – Joint Leads without responsibility for the order book

ICMA has published revised Recommendation 1.31 on joint leads without responsibility for the order book.

February 2015 - Recommendation 1.31 – Joint Leads without responsibility for the order book



Note regarding the hard-copy version of the “IPMA” Handbook (a white loose-leaf four-ring A5 binder issued end 2006 / early 2007):

This exists in parallel to the rebranded hard copy “ICMA Primary Market” Handbook (see below) as further detailed in its prefaced editor’s note.
  • Four sets of pages to be inserted, “Insert A”, “Insert B”, “Insert C” and “Insert D” were respectively issued in July 2007, October 2010, July 2011 and June/July 2014.
  • Further sets of pages to be inserted will be issued once sufficient updates have accumulated (in terms of numbers of pages) to enable a print run. Holders of current ICMA Primary Market Handbook (IPMA Handbook) hard-copy subscriptions and registered holders of hard-copies within member free allowances are notified of ICMA Primary Market Handbook (IPMA Handbook) updates as they occur by e-mail to their then registered e-mail addresses. Current such Handbook updates that are pending for an insert print run are: revised Recommendation 1.33 (February 2015), revised Recommendation 1.31 (February 2015), revised Recommendation 1.32 (May 2015) and revised Explanatory Note XIII (May 2015).
  • For historical reference (ignoring consequential changes to index pages, etc.):
(a) Handbook updates subsequent to Insert A and covered by Insert B are: (i) Recommendation 1.30 (March 2009), (ii) Recommendation 1.31 (March 2010), (iii) amended Guidance Note 8 (December 2008), (iv) Guidance Note 19 (March 2010) and (v) Guidance Note 20 (March 2010); Insert B also included two minor additional amendments: (vi) endorsement of a short note on the first page of Standard Documentation IV (no actual change to this Handbook item) and (vii) update of the e-mail address in (iii) of the first bullet of 5(a) (on page 4) of amended Guidance Note 8.

(b) Handbook updates subsequent to Insert B and covered by Insert C are: (i) Explanatory Note XIII (October 2010) and (ii) amended Standard Language IX (April 2011). Insert C also included an editor’s note detailing the parallel existence of hard copy “IPMA” and re-branded “ICMA Primary Market” Handbooks.

(c) Handbook updates subsequent to Insert C and covered by Insert D are: (i) Recommendation 1.32 (April 2012), (ii) revised Explanatory Note XIII (April 2012), (iii) revised Recommendation 1.31 (December 2013), (iv) revised standard documentation and standard language II (March 2014) and (v) standard documentation and standard language XII (March 2014).




Note regarding the hard-copy version of the “ICMA Primary Market” Handbook
(a white loose-leaf four-ring A5 binder issued from July 2011):
  • This exists in parallel to the non-rebranded hard copy “IPMA” Handbook (see above) as further detailed in its prefaced editor’s note.
  • A set of pages to be inserted, "Insert 1", was issued in June/July 2014.
  • Sets of pages to be inserted will be issued once sufficient updates have accumulated (in terms of numbers of pages) to enable a print run. Holders of current ICMA Primary Market Handbook (IPMA Handbook) hard-copy subscriptions and registered holders of hard-copies within member free allowances are notified of ICMA Primary Market Handbook (IPMA Handbook) updates as they occur by e-mail to their then registered e-mail addresses. Current such Handbook updates that are pending for an insert print run are: revised Recommendation 1.33 (February 2015), revised Recommendation 1.31 (February 2015), revised Recommendation 1.32 (May 2015) and revised Explanatory Note XIII (May 2015).
  • For historical reference (ignoring consequential changes to index pages, etc.), Handbook updates covered by Insert 1 are: (i) Recommendation 1.32 (April 2012), (ii) revised Explanatory Note XIII (April 2012), (iii) revised Recommendation 1.31 (December 2013), (iv) revised standard documentation and standard language II (March 2014) and (v) standard documentation and standard language XII (March 2014).





Back to ICMA Primary Market Handbook (IPMA Handbook) home page

Fixed Income Certficate (FIC)