Icma clarifies legal terminology

The International Capital Market Association (Icma) has clarified the legal definition of certain bond terminology to help resolve common misunderstandings in the investor community.

In the document, entitled ‘Improving the functioning of European bond markets: towards a consensus’, published together with the Association of British Insurers, it has sought to explain the meaning of “senior” and “negative pledge” covenants.

The document clarifies that the term “senior” does not imply that debt

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