The International Primary Market Association (IPMA) has published a new recommendation on the disclosure to be made by Lead Managers to syndicate members when launching a new debt issue which is to be distributed by the so-called ‘pot’ method. Recommendation 1.20 is effective for deals launched on and after 21st October. In a ‘pot’ distribution, all or a portion of a new issue is set aside to be allocated to investors out of a central order book run by one or more of the Bookrunners for the issue. This well-established US market practice has become common in the Euromarkets. The Recommendation was adopted in response to market participants’ desire to standardise the information made available to potential syndicate managers when they are invited to join such an issue, with particular emphasis on the importance of early disclosure. The Recommendation does not apply to equity or equity-linked debt issues.
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