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Dialogue with investors
ICMA’s lead-manager constituency periodically participates in various discussions between the sell-side and investors.

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
EMAIL | DOWNLOAD BUSINESS CARD

Charlotte Bellamy
Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal & Documentation Committee and related groups.
Direct line: +44 20 7213 0340
EMAIL | DOWNLOAD BUSINESS CARD