On Thursday, the International Capital Market Association launched its updated ICMA Primary Market handbook in Hong Kong. It was welcomed by market participants based on Hong Kong as the new guide and reference in their business, especially those participating in the bond primary market.
Since first issued in 1985, the ICMA Primary Market Handbook has now been being a comprehensive document covering the issuance of a broad range of international securities. It is the most widely used issuing framework in the international debt markets worldwide and continuously responding to market developments when guidance is required.
The ICMA Primary Market Handbook has undergone a thorough and extensive review involving various senior market participants to update its provisions in line with current market practice and regulation. Though there is not changed in the fundamentals of the old version, the new Handbook has also been re-organised and the remodelled to have a more reader-friendly structure and format and make it easier for further revisions to be incorporated in a logical way.
Duncan Phillips from City Global Market Asia, commented that the new handbook is quite usefully especially in syndicate committee in practice, providing a universal guidance for members as well as issuers, and improve the efficiency and accuracy during communication.
Pius Chong, from HSBC Asia, indicated that the new handbook provide an international standard and guide for Asian local market participators when they get access to the international market with different development level.
Charlotte Bellamy, director of ICMA, indicated that the new handbook is expected to help transparency and efficiency of the relationship between lead managers and other syndicate members. And she emphasized that the handbook would be a “live document”, continuously responding to market developments.
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