The Public Sector Issuer Forum

发布时间:2019年2月21日 18:07

The Public Sector Issuer Forum (PSIF) brings together the majority of Sovereigns, Supranationals and Agencies (SSAs) active in the European capital markets. It includes 38 institutional members, including key European DMOs, the European Commission (as an issuer), major agencies such as Kreditanstalt für Wiederaufbau (KfW) and the leading multilateral development banks, including the Asian International Infrastructure Bank, the European Investment Bank, the European Bank for Reconstruction and Development and the World Bank.

The Forum is coordinated by a Steering Committee consisting of three senior representatives representing each a key SSA constituency: Arunma Oteh (Vice President and Treasurer of the World Bank – up to December 2018), Frank Czichowski (Senior VP & Treasurer, KfW) and Anne Leclercq (Director Treasury, Belgian Debt Agency).

The primary objective of the PSIF is to promote the sharing of information and experience amongst the participants on their capital markets activity, focusing both on market practice and on the impact of new financial regulation on their operations. The PSIF is characterised by its high-quality dialogue with regulatory and public authorities. Major market participants and stakeholders are also invited from time to time for discussions on key topics relating among other to regulation, financial innovation, market liquidity and financial stability. The PSIF held three formal meetings in 2018.

The first meeting took place in March 2018, kindly hosted by BNG in The Hague. Two members of the European Commission’s High Level Expert Group (HLEG) made a presentation of the final report and an update of the Commission’s Action Plan on Sustainable Finance, which incorporates much of the substance of the HLEG’s report.

The second PSIF meeting organized in June in London and kindly hosted by the EBRD, focused on the benchmark reform and transition to risk-free rates (RFR). The Bank of England and the FCA gave a presentation on the objectives and conclusions of the Working Group on Sterling Risk-Free Reference Rates. ICMA also provided an overview of the work undertaken by the UK Bond Market Sub-Group. ISDA summarised its work related to the amendments of its standard documentation to implement fallbacks for certain key interbank offered rates (IBORs). A presentation was also given on the Euro Working Group’s recommendation of the alternative RFR.

The third meeting was held at the time of the World Bank/IMF AGM in Bali in October 2018. ICMA presented its analysis on the potential impact of Brexit on international capital markets, notably the damage to international capital markets and to financial stability if pending cliff-edge risks are not addressed and avoided. As a second topic, PSIF members shared insights on the transition planning to be implemented in the euro, sterling and US dollar financial markets to ensure a smooth and orderly shift to the related RFRs: ESTER, SONIA and SOFR.

The next full PSIF meeting will take place in March 2019, in Vienna, hosted by Oesterreichische Kontrollbank AG (OeKB).


Contacts: Nicholas Pfaff and Valérie Guillaumin nicholas.pfaff@icmagroup.org valerie.guillaumin@icmagroup.org