The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Primary markets: Poor summer prospects for new issues

Issuers are uncertain about the implications of the EU Prospectus Directive

An excellent June for supply of new issues was not purely a European phenomenom. Issuers on both sides of the Atlantic joined in the fun last month. Conditions are firm and there appear to be few reasons why supply should slow. But according to the vast majority of European syndicate managers famine might soon follow feast. They fear the upcoming introduction of the EU Prospectus Directive on July 1 was a reason why opportunistic issuers stirred from their torpor during May and June and that this supply might well dry up until the dust settles on the new regulations. The directive affects most public offerings of securities that trade on a regulated market.

It requires exacting levels of continuing disclosure, and new documentation even for recently updated MTN programmes.

There is a high level of ignorance about the new rulings among borrowers. At last month's Euromoney Global Borrowers & Investors Forum, only 5% of the audience at one seminar (three-quarters of whom were issuers) were able to claim to be well informed about the directive.

Cliff Dammers, until recently secretary general of the newly merged International Primary Market Association, says: "I think we are in wait-and-see mode.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree