ICMA publishes paper on the new model for syndicated closings in the ICSDs

 

20 October 2021 On 21 April 2021, the two International Central Securities Depositories (ICSDs), Euroclear and Clearstream, announced that implementation would go ahead of a new model for the delivery vs payment (DvP) closing of syndicated bond issuance settling within the two ICSDs.

This paper aims (i) to very briefly describe the new model (in contrast to the current model) and particularly (ii) to suggest how transaction documentation can be consequently modified for a vanilla Reg S bond involving an underwriting syndicate and their issuer client.
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