ICMA and AFME publish Confidentiality Agreement template for use in investment grade and high yield bond offerings
6 October 2025 Today ICMA and AFME jointly publish their template non-disclosure agreement for use in investment grade and sub-investment grade bond offerings and high yield and leveraged finance transactions (as well as other relevant capital markets transactions).
The template has been designed to reduce the often timely and costly negotiations undertaken between the parties to a transaction where confidential information might be exchanged and used. It has been produced and reviewed by a comprehensive sample of the market, and is intended to serve as a market standard to help streamline processes and increase efficiency and certainty around such transactions.
Nonetheless, use of this agreement is not mandatory, and some parties may prefer their own standard forms. In the context of investment grade and sub-investment grade bond transactions, this template may be considered appropriate and useful for debut, infrequent and/or emerging market issuers.
The confidentiality agreement template in Word format can be accessed from the Other ICMA primary market materials page on ICMA’s website. The confidentiality agreement template has also been included as new Appendix A3a in ICMA’s Primary Market Handbook, which contains guidance and recommendations on the processes and documentation required for the issuance of international debt securities.
