ICMSA Bulletin 220208/60 – ICMSA Bulletin with respect to publication of the updated pro forma set of Standard Provisions for Meetings of holders of Bonds/Notes to provide for virtual and hybrid meetings

During the Covid-19 pandemic, the readiness with which issuers and other market participants have adapted to holding bondholder meetings virtually (rather than in person) signals the potential for greater use of virtual (or hybrid) meeting technology beyond the pandemic.

As we emerge from the pandemic and move into a more digitised era, the ICMSA Trustee Sub-Committee has reviewed and revised its pro forma set of Standard Provisions for Meetings of holders of bonds/notes to provide expressly for the holding of virtual or hybrid meetings (as an alternative to physical in person meetings). The ICMSA believes these revisions will benefit its members and market participants by standardising electronic and hybrid meeting procedures which aim to provide clarity and flexibility for issuers and/or trustees to choose which approach is most practicable in the circumstances.

The ICMSA has published Bulletin 220208/60 in relation to the publication of the updated pro forma set of Standard Provisions for Meetings of holders Bonds/Notes to provide for virtual and hybrid meetings.

Download updated pro forma set of Standard Provisions

ICMSA Bulletin 220119/59 – Synthetic LIBOR, Type 1 fallbacks and dealer poll mechanisms

Following the discontinuation of certain GBP and JPY LIBOR settings and the publication of synthetic LIBOR, this bulletin considers whether Type 1 fallbacks and in particular, the dealer poll mechanism which is central to their operation, remain appropriate and suitable in a post-LIBOR environment. The bulletin highlights statements made on this topic in December 2021 in a speech by the FCA’s Edwin Schooling Latter and concludes that the use of dealer poll mechanisms to obtain quotes for LIBOR-based rates is not appropriate or practicable in circumstances where the relevant LIBOR settings are no longer published.

ICMSA Bulletin 211025/58 – Update Guide to the Treatment of Denominations and Related Exchange Conditions

As part of the ICMSA’s commitment to providing guidelines on various international capital market services; this process also entails periodic reviews and updates being done where necessary – to ensure the documents evolve with market practices. The ICMSA Market Practice Sub-Committee recently undertook this exercise for the Minimum Denomination bulletin.

This committee review resulted in some further sections being included in the latest version for additional clarity and provide further assistance to the financial market community.

LIBOR – ICMSA response to FCA’s consultation (CP 21/29) regarding its decision on the use of LIBOR (Articles 23C and 21A BMR)

ICMSA has responded on behalf of its members to the FCA’s consultation CP21/29 on its proposed decision on whether and how to permit legacy use of synthetic LIBOR from 1 January 2022. The ICMSA response supports the FCA’s proposed decision regarding legacy use of synthetic LIBOR in order to avoid market disruption and facilitate a smooth transition away from LIBOR.