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Access to bond financing is an essential growth lever for private and public sector players. Transparent and effective communication between issuers and investors is a key factor in market efficiency. Yet the quality of public information is uneven.
Between May and June 2022, at the initiative of the SFAF's Credit Committee, chaired by Barbara Cohen, three round tables brought together relevant actors of the buy-side, sell-side and credit rating agencies. There was unanimous agreement on the need to draw up a best practice guide to facilitate issuer-investor dialogue. This is all the more obvious in the context of a quick and sustained rise in interest rates.
A number of concrete proposals for improvement were put forward during the roundtables:
- Improve financial transparency by making the issuer-investor meeting a strategic issue and a lever for differentiation for the issuer;
- Encourage adaptation of the European regulatory framework to the specific features of the bond market.
In view of the success of these meetings, and considering the obvious usefulness of these leads for improvement, the SFAF Credit Committee intends to continue this initiative, in partnership with all domestic stakeholders and, where appropriate, within a European perspective.
Read the summary of the round tables "The challenges of credit analysis" organized by the SFAF Credit Committee (document reserved for SFAF members)