ESAs issue important guidance in relation to the application of the PRIIPs Regulation to corporate bonds.

Key Points:

..The ESAs have issued their final view on whether certain features within bonds are conclusive as to the existence of a PRIIP.

..Importantly, it is now clear that the view of European supervisors is that the existence of a make whole, in isolation, should not lead to a conclusion that a corporate bond is a PRIIP.