ICMSA Publication

The objective of this bulletin is to highlight the requirement that explicit wording is clearly stated in each issue’s base contractual terms.

To ensure timely and accurate coupon payments, the ICMSA requires issuers, arrangers and their legal counsels to ensure the necessary clarity is included within an issue’s contractual terms, as outlined within the ISMAG MPB and specifically indicates whether the interest accrual period is adjusted or unadjusted.