The companies, products and regulatory developments shaping the broker industry.
The 7 October circular sets a general 12-plus-five maturity-year limit, with additional capacity linked to outstanding debt. Issuers using only the specified special categories have a different ceiling.
The final circular maps ratings to six colours and requires platforms to use the lowest rating where several exist. It takes effect after 45 days from 7 October, rather than on publication.
Online bond platforms face new presentation and rating-update work as eligible issuers gain more flexibility over private placements and the number of securities maturing each year.