Quick Find:
- COVID-19 Market Updates :
- Primary markets :
- ICMA Primary Market Handbook - Home
- Primary market committees
- Primary market topics
- Accounting and auditing
- Benchmark reform and transition to risk-free rates
- Collective action clauses
- MiFID II/R in primary markets
- Primary markets conduct (non-MiFID)
- Dialogue with investors
- Initial disclosure (Prospectus and PRIIPs)
- Market infrastructure and asset servicing
- Market abuse regulation (MAR) - primary market aspects
- Periodic reporting / continuing obligations
- Taxation (Primary markets)
- Other ICMA primary market advocacy materials
- Primary market products
- Bank capital
- ICMA Euro Commercial Paper
- Green bonds
- Infrastructure financing
- Islamic finance
- Private placements
- Characteristics of ECPP product and market
- The European Corporate Debt Private Placement Market Guide
- Model transaction documentation
- ECPP Working Group
- Press releases
- Contact
- Retail structured products
- Securitisation
- Sovereign Debt
- Covered bonds (asset management perspective)
- Securitisation (asset management perspective)
- Secondary markets :
- ICMA’s rules and recommendations for the secondary market
- Secondary Market Practices Committee (SMPC) and related Working Groups
- Central Bank corporate bond purchase programmes
- Electronic trading
- Market data
- Market liquidity
- Secondary markets regulation
- Euro safe assets
- Secondary market initiatives
- Resources
- ICMA Secondary Markets Update - mailing list subscription
- Archive
- Repo and collateral markets :
- Asset management :
- Green, Social and Sustainability bonds :
- FinTech and market electronification :
- Market infrastructure :
- Other projects :
- Benchmark reform and transition to risk-free rates :
- Brexit :
- ICMA Quarterly Report :
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- Market Practice & Regulatory Policy
- Primary markets
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
- ICMA Primary Market Practices Committee (PMPC)
- ICMA Asia Pacific Bond Syndicate Forum (ABSF)
- ICMA Legal and Documentation Committee (LDC)
- ICMA Asia Pacific Legal & Documentation Forum (ALDF)
- ICMA Euro Commercial Paper (ECP) Committee
- Public Sector Issuer Forum (PSIF)
- ICMA Corporate Issuer Forum (CIF)
- ICMA Financial Institution Issuer Forum (FIIF)
- AMIC Primary Market Working Group (buyside)
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 (under the “Primary markets” tab) New FinTech applications in bond markets
- 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
- Bank capital
- Euro Commercial Paper
- Green, Social and Sustainability bonds
- Infrastructure financing
- Islamic Finance
- Private placements
- Retail structured products
- Securitisation
- Sovereign Debt
- Covered bonds (asset management perspective)
- Securitisation (asset management perspective)
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
