New Global Note structure launched 30 June 2006
In June 2006 a new legal and holding structure has been introduced for international debt securities issued in global bearer form through Euroclear Bank and Clearstream Banking (Luxembourg).
This new structure (the New Global Note or NGN) is mandatory for newly issued international debt securities to be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations. It will co-exist with the Classic Global Note (CGN) structure serviced by Common Depositaries.
The NGN structure is the result of a market initiative led by the following organisations:
- Euroclear Bank
- Clearstream Banking (Luxembourg)
- International Capital Market Services Association (ICMSA)
- International Capital Market Association (ICMA)
- Leading issuers and lead managers active in the international capital market
Standard Market Protocol
The process of designing this new structure presented an opportunity for Euroclear Bank, Clearstream Banking (Luxembourg), ICMSA and ICMA to review the operational flows underlying the servicing of international debt securities. The outcome of this review will be incorporated in a Standard Market Protocol document.
This new holding structure will have a limited impact on investors.
The impact on issuers, their agents and lead managers are described in the NGN brochure and Frequently Asked Questions.
Please refer to New Global Note structure - Documentation for further information on the new required documents for issuing securities in NGN form.
Questions or comments?
Contact us via e-mail at NGN@capmktserv.com or telephone Euroclear Bank + 32 2 224 4527 or
Clearstream Banking + 352 243 32119