Bond listing Euronext Oslo Børs

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By listing bonds or short-term interest-bearing instruments commercial paper on Euronext Oslo Børs, borrowers gain access to a larger investor base because some investors will only buy listed/registered bonds and commercial paper.

There are a number of reasons for some investors to make this distinction, including:

The requirement for an approved admission document ensures that investors have access to all the information relevant to their investment decision
Issuers have a continuing duty to provide the market with financial information and to notify any developments significant for the pricing of their interest-bearing securities
Professional and systematic surveillance of the market ensures fair and proper trading
Organised and efficient trading through a reliable trading system
Information on the market and individual issues is available on the Oslo Børs website

Other benefits of listing Debt securities on Euronext Oslo Børs

In addition to gaining access to more investors, listing interest-bearing securities offers a number of other benefits:

Publicity for the issuer on the Euronext website
Some brokers assert that investors accept a lower return for listed loans rather than unlisted loans

Euronext Oslo Børs is a regulated market in accordance with the terms of the Securities Trading Act.

The formal process for admission to listing is as follows:

Approved EEA prospectus is submitted to Oslo Børs together with the listing application (In Norway prospectuses are inspected and approved by Finanstilsynet)
The issuer’s duty of disclosure applies from the time of application for listing
Oslo Børs reviews the submitted documentation up to the requirements of the Bond Rules on Oslo Børs and the administration decide bond issue to listing
The bond loan may be admitted to listing at the earliest the day after disbursement date

A new issuer will be required to provide certain items of information additional to those mentioned above before its first loan can be admitted to listing.

The Bond Rules apply to the issuers of interest-bearing instruments on Oslo Børs. A number of conditions must be satisfied before an issue can be admitted to listing. These include requirements that the securities must be:

registered with a central securities depository
fully paid-up
freely transferable
for an issue of at least NOK 2 million

Bond loan

The issuer must produce a prospectus prior to applying for listing. The prospectus provides the basis for the decision on whether the securities are suitable for listing on the exchange. This evaluation pays particular attention to the presentation of the issuer and the provisions in the loan terms and conditions that are of significance for equal treatment of all bond/commercial paper holders. The prospectus will normally consist of a registration document which describes the borrower and a securities note which describes the loan. The contents of the two documents are subject to specific requirements.

Commercial Paper

An issue of interest-bearing instruments with an original maturity not exceeding 12 months is termed a commercial paper in the Norwegian market. Issuers can seek permission to prepare a listing document that is somewhat less detailed than a prospectus when listing a certificate loan. Where permission is granted, it is normally acceptable for the purpose of admission to listing for the issuer to prepare a commercial paper loan agreement and appoint an approved trustee for the loan.

Issuers of bonds and certificates shall pay fees in accordance with the general business terms and the current price list.