ICMA Guide to the European Corporate Debt Private Placement Market


On October 25, 2016, the International Capital Market Association (“ICMA”) published the European Corporate Debt Private Placement Guide (the “Guide”). The Guide is intended to provide a voluntary framework of best practices for European corporate private placement (“ECPP”) transactions. It aims to support the development of the ECPP market, and it builds on existing practices in the bond and bank loan markets and in other international private placement markets.

The Guide was first published in February 2015 (for more information, see Legal update: archive, ICMA guide to the pan-European private placement market). This edition of the Guide was produced as a result of developments in the ECPP market and is intended to replace and update the original 2015 version. The Guide now also covers aspects of the German Schuldschein market and contains an appendix on general principles of, and best practices applicable to, ECPP deal amendments and waivers. Guide.