Scope - Clearstream

MARKET PRACTICE BOOK - NEW ISSUES
32
2.2.3.3.4.
2.3.
2.3.1.
Documentation flow for issuance under Programme when updates/changes occur
after issuance
Manifest errors
Issuer/LM/
Legal Counsel
Trustee/PPA
Initiator Recipient Timing
Trustee/PPA
CD/CSP/
ICSDs
The day the
information is
known
The day the
information is
updated
Consent of investor or noteholders’ meeting
Issuer/LM/
Legal Counsel
Trustee/
PPA
Initiator Recipient Timing
Processing
Trustee/
PPA
CD/CSP/
ICSDs
The day the
information is
known
The day the
information is
updated
New issues same day syndicated distribution
Actions
• Communicate the relevant details of the change using the
applicable template (see Annex 6C)
• Provide the updated documentation highlighting the
amendment, using the applicable template (see Annex 6C).
If dated, the document should have a different date than
the original Final Terms
Actions
• Communicate the relevant details of the change using the
applicable template (see Annex 6C)
• For consent of investor or noteholders’ meeting required
through ICSDs: provide the complete documentation
highlighting the amendment for which the consent has to
be requested for the ICSDs to contact the relevant holders
(see Annex 6C for applicable template)
Wherever possible 26 , new syndicated international debt securities should be issued and
distributed in the ICSDs’ daytime processing cycle, value closing date. To benefit from
this real time distribution process, the credit of the newly issued securities onto the Lead
Manager’s account in the ICSDs’ systems should be effected by 12:30 CET 27 on the day
of the closing.
Ensuring the securities are credited by this time allows primary distribution and grey
market instructions to settle within and across the ICSDs. This requires that the official
closing occurs earlier in the day to ensure deposit of the global note and provisioning of
the required associated documentation with the appointed CD/CSP or CSK (as relevant).
26
For certain currencies or certain exceptions, deadlines or constraints may be such that settlement in the daytime
processing cycle of the Closing Date is not feasible.
27 Or earlier depending on ICSDs’ currency deadlines.