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Frequent Issuers

From the Collaborative Bond and Money Market Data Portal. 

 

Frequent Issuers, sometimes referred to as frequent borrowers, are those that regularly visit the capital markets for financing.

 

The term is also used in Investment Banks to identify a unit that specialises on servicing this type of borrower.

 

There is no specific definition of a frequent issuer. In the ICMA handbook there is a reference that frequent issuers are those with an established credit curve and documentation. There is also a further reference that frequent issuers comprise the majority of the market.

 

In terms of documentation, frequent issuers usually issue off programmes. Therefore an issuer with an issuance programme, like a CP or MTN programme, may be considered a frequent issuer. In the Collaborative Bond and Money Market Data Model active issuance programmes are shown as part of the Issuer's profile.

 

In contrast, infrequent issuers do not have programmes and will usually come to market with a preliminary ‘red herring’ prospectuses.

 

Some very sophisticated frequent issuers may also choose to play a role in the allocation of bonds to investors, in some instances deciding this entirely themselves, with bookrunners then providing just a limited book management service.

 


For information on Bond and Money Market Issuers, please use the issuer search tool.

 



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