003-2016_TransparencyDraft
New Issue Process for Debt

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This Standard sets out enhancements to existing practices that are designed to improve the new issue process continuum (from the granting of a mandate to the publication of statistics), which improvements should enhance the fairness and effectiveness of the process for all participants, including issuers, investors and lead managers.

This Standard applies to participants including issuers, investors and underwriting banks in the wholesale Fixed Income markets in Europe (but subject to any applicable local regulatory restrictions). However, it is anticipated that it will be adopted by primary markets participants in other jurisdictions over time.

This Standard builds on the ICMA recommendations in the context of Investment Grade primary markets issuance. This Standard is intended to apply in respect of best efforts syndicated offerings of fixed income bonds in the wholesale markets – including investment grade, high yield, securitisation and emerging market offerings.

Comment period: 18 Nov 2016 to 17 Jan 2017

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