ICMA’s lead-manager constituency periodically participates in various discussions between the sell-side and investors.

Book updates

On 17 December 2020, the ICMA Primary Markets Handbook (under the Book disclosure heading in Chapter 5, Bookbuilding and launch) was amended to include updated item 5.13A (for Europe) and new item 5.13B (for Asia) – see here.

Availability of offer documentation

To reflect our commitment towards timeliness of offer documentation disclosure, ICMA published several recommendations on the availability of documentation to investors. These are contained in the remodelled ICMA Primary Market Handbook at Recommendations 5.11 and 5.12 (Documentation availability to investors). ICMA also references availability of offering documentation in Appendix A12 (Pre-sounding, bookbuilding and allocations) of the ICMA Primary Market Handbook (which was previously known as ICMA Explanatory Note XIII). These items can be found in the ICMA Primary Market Handbook (IPMA Handbook).

Senior debt / negative pledge covenant

ICMA published an explanatory note which aims to provide a brief, “non-legal” explanation of the term “senior” and the “negative pledge” covenant, as they are currently used in the terms and conditions of international corporate bond issues. The note, drafted in consultation with the Association of British Insurers (ABI), is intended to provide clarification on the use of these terms and highlight the most common misconceptions about their meaning.

12 October 2006
ICMA explanatory note on use of senior and negative pledge covenant


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

Miriam Patterson
Senior Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal and Documentation Committee (LDC)
Direct line: +44 20 7213 0321

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