Bonds / Notes
Admission and Listing Procedures for the Regulated Markets or Inclusion in the MTF (Third Market)
On Wiener Börse, the admission to listing or inclusion in trading (MTF) of bonds and issuance programs is characterized by fast procedures and low fees. Separate admission procedures are no longer required when individual bonds are admitted to listing or included in trading (MTF) in the case issuance programs admitted to listing or included in trading. Trading in the bonds may start two days after Wiener Börse has received the bond terms.
The admission of bonds to listing must be applied for by the issuer for one of the two admission segments regulated by law (Official Market and Second Regulated Market). Bonds are included in trading in the MTF (Third Market) upon the request of one exchange member.- The Official Market and the Second Regulated Market are regulated markets in the meaning of the MiFID.
- The admission to listing or the inclusion in trading of issuance programs may be granted for one or several segments.
Below is a brief overview of the two regulated markets and of the multilateral trading facility (Third Market):
| Official Market | Second Regulated Market | MTF (Third Market) | |
|---|---|---|---|
| Applicant | Issuer plus a stock exchange member | Issuer plus a stock exchange member | A stock exchange member |
| Minimum issue size | EUR 725,000 | EUR 725,000 | No requirement |
| Prospectus | required (exemptions possible, see later) | required (exemptions possible, see later) | Not required |
| Minimum number of units | Not quantified | No requirement | No requirement |
| Free float | Not quantified | No requirement | No requirement |
Steps to listing/inclusion in trading
The following steps towards a listing are necessary:
- Informal contact with Wiener Börse
- Submission of the required documents at Wiener Börse
- Admission procedures and inclusion procedures
- Start of trading
Wiener Börse decides on applications for admission to listing or inclusion in trading of bank bonds within a few days. Trading in the bonds may start two days after admission has been granted or inclusion has been completed.
Listing on a regulated market is normally subject to a prospectus. Despite of that the Austrian Stock Exchange Act (§ 75 section 2) grants the following prospectus exemptions:- Bonds issued by the Republic of Austria, by the Austrian federal republics and by EEA member
states:
Official Market: „Automatic“ admission by law (§ 66 section 5 Stock Exchange Act) to the Official Market. After submission of the terms and conditions of the bond listing is possible two days later.
Second Regulated Market: Admission for listing without prospectus - Bonds issued by a public body of an EEA member state: Admission for listing to the Official Market and to the Second Regulated Market without prospectus.
- Bonds guaranteed by the Republic of Austria, by an Austrian federal republic, by an EEA member state or by a public body of an EEA member state: Admission for listing to the Official Market and to the Second Regulated Market without prospectus.
- Bonds issued by Austrian banks or by banks from EEA member states if the following criteria are fulfilled:
- The bank has to be a frequent issuer or the bond has to be issued on a continuous basis
- Issue size of the bond < 50 million EUR
- The bond is neither subordinated nor convertible
- The redemption price of the bond must be at least par (then the bond is considered not to be “ linked on a derivative”) and a principal promise for interest has to be given.
For more detailed information on the topic of “Admission and Listing / Inclusion in Trading of Bonds”, please contact:
Tel. +43.1.531.65-260
Fax +43.1.531.65-272
Tel. +43.1.531.65-262
Fax +43.1.531.65-272