Set out below are details of the most recent amendments and any pending amendments.
Pending amendments
21 June 2023
ICMA notice on Pricing references for new Sterling Eurobonds
Recent amendments
July 2022 – Publication of amendments to Appendix A1, Agreement Among Managers (Versions 1 and 2), further to the March 2022 implementation of a new syndicated closing model by the two international central securities depositories (Euroclear and Clearstream).
The associated circular to ICMA members / Handbook subscribers is available here (login details required).
June 2022 – Publication of:
- amended Appendix A8, Final terms and pricing supplement;
- amended Appendix A12a, Product governance (MiFID II) language;
- amended Appendix A13, Selling restrictions and legends (EEA PRIIPs Regulation, EEA Prospectus Regulation); and
- amended Appendix A13b, Selling restrictions and legends (UK),
in order to highlight recent UK FCA guidance related to the UK PRIIPs Regulation by amending certain introductory language and endnotes.
The associated circular to ICMA members / Handbook subscribers is available here (login details required).
March 2022 – Publication of:
- amended Appendix A5, Day count fraction: ICMA Actual/Actual – (i) clarifying that the day count fraction is not specifically envisaged to operate in the context of adjusted interest periods and (ii) correcting a cross-reference to the ICMA secondary market rules and recommendations;
- amended Appendix A7, ECP documentation for Investment Grade issuers – (i) catering for ECP to be issued referencing GBP-SONIA, USD-SOFR, EUR-EuroSTR or EURIBOR by reference to the 2021 ISDA Interest Rate Derivatives Definitions, (ii) updating certain regulatory language following the end of the Brexit transition period and (iii) clarifying or deleting obsolete provisions in the standard form of ECP Global Note related to payments;
- amended Appendix A8, Final terms and pricing supplement – (i) catering for the issuance of floating rates referencing the 2021 ISDA Interest Rate Derivatives Definitions, (ii) removing references to LIBOR, and (iii) updating certain regulatory language following the end of the Brexit transition period.
ICMA has also made minor formatting changes to reflect the online-only nature of the ICMA Primary Market Handbook.
The associated circular to ICMA members / Handbook subscribers is available here (login details required).
January 2022 – Publication of:
- amended Chapter 7, Pricing – amending item 7.3A, Pricing references for new Sterling bonds;
- amended Appendix A1, Agreement Among Managers (Versions 1 and 2) – inserting further provisions related to UK requirements for contractual recognition of bail-in powers and a provision related to Hong Kong rules on contractual recognition of resolution stay powers;
- amended Appendix A5, Day count fraction: ICMA Actual/Actual - updating a cross-reference to the 2006 ISDA Interest Rate Derivatives Definitions to refer to the 2021 ISDA Interest Rate Derivatives Definitions and clarifying the drafting of the day count fraction; and
- amended Appendix A12, Pre-sounding, bookbuilding and allocations - amending paragraph 18 to acknowledge that in certain circumstances returned bonds might be re-allocated at the re-offer price.
The associated circular to ICMA members / Handbook subscribers is available here (login details required).
November 2021 – Publication of amendments to reflect the end of the Brexit transition period on 31 December 2020:
- amendments to Chapter 2, Programme establishments and updates - amending item 2.11.
- amendments to Chapter 3, Prior to transaction announcement – amending item 3.5, Recommendation 3.7, and Recommendation 3.10;
- amendments to Chapter 8, Confirmation to Managers - amending item 8.4;
- amendments to Appendix A4, Credit ratings in programme offer documents;
- amendments to Appendix A5a, Deal announcements;
- amendments to Appendix A12a, Product governance (MiFID II) language;
- insertion of new Appendix A12b, Product governance (UK) language;
- amendments to Appendix A13, Selling restrictions and legends (EEA PRIIPs Regulation, EEA Prospectus Regulation);
- insertion of new Appendix A13b, Selling restrictions and legends (UK);
- amendments to Appendix A15, Stabilisation materials;
- amendments to Appendix A16, Sub-€100,000 denomination bonds under the EEA Prospectus Regulation and retail cascade legends; and
- insertion of new Appendix A16a, Sub-€100,000 denomination bonds under the UK Prospectus Regulation and FSMA and retail cascade legends; and
- amendments to Appendix B2, Glossary.
The associated circular to ICMA members / Handbook subscribers is available here (login details required).
Archive
Set out below, for ICMA members and Handbook on-line subscribers, are selected archived inserts and ‘snapshots’ relating to past editions of the Handbook (login details required).
HANDBOOK SNAPSHOTS
June 2022
March 2022
January 2022
November 2021
December 2020
October 2020
August 2020
March 2020
December 2019
March 2019
February 2017
July 2016
December 2015
September 2015
May 2015
December 2013
April 2012
April 2011
November 2010
November 2006
October 2005
October 2004
March 2004
September 2003
December 2002
June 2001
January 2000
December 1996
February 1993
HANDBOOK INSERTS
March 2020 (soft-copy only insert)
September 2010
July 2007
October 2005
October 2004
September 2003
May 2003
December 2002
February 2001
December 1996
January 1996
December 1995
26 May 2005
Pro Forma Final Terms - Wholesale
26 May 2005
Pro Forma Final Terms - Retail
26 May 2005
Prospectus Directive Compliant Selling Restrictions - Published Text May 2005
27 March 2003
ECP Conventions
4 December 2002
Recommendation 4.6
4 December 2002
Recommendation 1.5
