ICMA’s work in the primary markets, in which new debt 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); Chris O’Malley podcasts Origins of the Eurobond market (26:54 / 2020) and Whatever Happened to Underwriting? (32:01 / 2021); and ICMA staff webinar DCM primary market practices in Asia-Pacific: an ICMA conversation (45:45 / 2021).
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 and other groups
Details of ICMA’s primary market committees and other related groups can be found on the ICMA councils & committees webpage (under the Primary markets heading).
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) and ICMA consultation responses and other publications (under the “Publications and media” heading of the “ICMA resources” tab of the main FinTech and market electronification webpage)
- Dialogue with investors
- Prospectuses
- PRIIPs KIDs
- Retail access to bond markets
- Market infrastructure and asset servicing
- Market abuse Regulation (MAR)
- Periodic reporting / continuing obligations
- Taxation
- Other ICMA primary market advocacy materials
Primary market training courses and events
- Introduction to Primary Markets Qualification (IPMQ) – 3 days, five x 3.5 hours livestreamed or six weeks part-time online self-study
- ICMA Primary Market Certificate (PMC) – 5 days, ten x 3.5 hours livestreamed
- Bond syndication practices for compliance and middle office professionals – 1 day, two x 3.5 hours livestreamed
- Primary Market Financial Technology – six x 3.5 hours livestreamed
- Introduction to Securitisation – four x 3.5 hours livestreamed
- ICMA Primary Market Forums – See events calendar
- ICMA Primary Market Handbook seminars – See events calendar
Capital market segments
- Bank capital
- Euro Commercial Paper
- Green, Social and Sustainability bonds
- Infrastructure financing
- Asia Pacific primary markets
- Islamic Finance
- Private placements
- Retail structured products
- Securitisation
- Sovereign Debt
- Covered bonds (asset management perspective)
- Securitisation (asset management perspective)
- DCM outstandings and volumes of new issues from Dealogic
- Euro government bond markets*
- Euro corporate bond markets*
- Asian international bond markets data**
*Source: ICMA analysis using Bloomberg data
**Source: ICMA analysis using Dealogic data
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