A presentation from the ICSDs.
Information and processing flow for loss absorption mechanism within the ICSDs.
ICMSA Bulletin 150123/32: Closing mechanisms in the international primary market
With the continued globalisation of the international primary market and particularly on the back of the opening up of new regions and the addition of new players, the ICMSA has raised concerns around the development of inappropriate primary distribution methodologies being adopted within the international primary market.
As a reminder to market participants, there are two closing arrangements that are commonly adopted i.e. either a syndicated closing or a non-syndicated closing.
Spotlight on Trustees: Adapting to “streamlined” documentation provisions
A client briefing from Clifford Chance.
The briefing focuses on some of the prominent changes in approach and consequent effect for trustees in agreeing to amendments, waivers and consents and the changing landscape in which trustees operate in the capital markets.
ICMSA Bulletin 140820/31: Trustee consent provisions on securitisations
ICMSA has participated in AFME’s formulation of a set of standard provisions based on which a trustee may be required to agree to certain categories of transaction document amendment, removing the need in these cases for the trustee to exercise discretion. By publishing AFME’s pro forma on our website, ICMSA is seeking to endorse a market standard for mandatory trustee consent provisions that may be used on or applied to any securitisation transaction under English law.
Click here to download AFME’s set of standard provisions.
Special Report – Bondholder Communications
SCI Special Report – Article published in the Global ABS conference newsletter – Bondholder communications reviewed.
This article written by the ICMSA Trustee sub-committee discusses how the trustee community has worked to address concerns around bondholder meetings and voting mechanisms.
ICMSA Bulletin 140501/28: Standard meeting and voting provisions Bonds/Notes
The ICMSA has produced a pro forma set of standard provisions for meetings and voting in relation to bonds/notes.
Please refer to the pro forma here.