Primary markets

ICMA’s work in the primary markets, in which new securities are issued to raise capital, is based on a strong legacy from the International Primary Market Association (IPMA), one of ICMA’s predecessor organisations. See introductory video (2:45 / 2014) and Chris O’Malley podcast Origins of the Eurobond market (26:54 / 2020).

In the context of COVID-19, see some materials specific to primary markets on our COVID-19 Market practice webpage.

ICMA Primary Market Handbook
Guidance and recommendations on the processes and documentation required for the issuance of international securities

Other ICMA primary market documentation
Links to informal ICMA primary market documentation that is not included in the ICMA Primary Market Handbook.
Available to ICMA members only.

Primary market committees

Primary market topics

Accounting and auditing
Benchmark reform and transition to risk-free rates
Collective action clauses
Conduct of business (MiFID)
Primary markets conduct (non-MiFID)
Electronification – Notably ICMA primary markets technology mapping, July 2018 Electronification in primary bond markets paper and also New FinTech applications in bond markets (under the “Primary markets” tab)
Dialogue with investors
Initial disclosure (Prospectus and PRIIPs)
Market infrastructure and asset servicing
Market abuse Regulation (MAR)
Periodic reporting / continuing obligations
Taxation
Other ICMA primary market advocacy materials

Primary market courses and events

Introduction to Primary Markets Qualification - IPMQ (3 day foundation qualification)
ICMA Primary Market Certificate - PMC (5 day advanced qualification)
ICMA workshop: Bond syndication practices for compliance professionals and other non-bankers– See events calendar
ICMA Primary Market Forums (and ICMA Primary Market Handbook seminars) – See events calendar

Capital market products

Contacts:

Email the primary markets team

Ruari Ewing
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Primary Market Practices Committee (PMPC) and related groups.
Direct line: +44 20 7213 0316

Charlotte Bellamy
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal & Documentation Committee (LDC) and related groups.
Direct line: +44 20 7213 0340

Katie Kelly
Senior Director, Market Practice and Regulatory Policy; Secretary to the ICMA Financial Institution Issuer Forum (FIIF) and to the ICMA Corporate Issuer Forum (CIF).
Direct line: +44 20 7213 0331

Nicholas Pfaff
Managing Director, Market Practice and Regulatory Policy; Secretary to the Public Sector Issuer Forum (PSIF)
Direct line: +33 1 70 17 64 72