New Issue Process for Debt standard – Transparency Draft for comment

London, 18 November 2016.  The FICC Markets Standards Board (“FMSB”) has today published its third standard aimed at improving conduct in the wholesale Fixed Income, Currency and Commodities (“FICC”) markets.

The standard, which is being published as a transparency draft for comment, builds on the ICMA code for investment grade debt but would apply to all widely syndicated offerings of credit products in the wholesale markets, including investment grade, high yield, securitization and emerging market debt. [Click here for standard]

The New Issue Process Standard for the Fixed Income Markets sets out a range of improvements to the new issue process in the European market, from the granting of a mandate to publication of statistics.

The FMSB is issuing the standard in draft form to provide an opportunity for public comment ahead of final ratification and issuance.

The FMSB is seeking comment from interested parties on the new standard over the next two months.

Submissions should be sent to standards@fmsb.com by midday (12:00pm GMT), 17 January, 2017.