How to list on Oslo Børs

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

By listing bonds or short-term interest-bearing instruments (certificates) on Oslo Børs or registering bonds on Nordic ABM, borrowers gain access to a larger investor base because some investors will only buy listed/registered bonds and certificates. 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

 In addition to gaining access to more investors, listing/registering 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/registered loans rather than unlisted loans

The formal process for admission to listing is as follows:

  1. Approved EEA prospectus is submitted to Oslo Børs together with the listing application (In Norway prospectuses are inspected and approved by Finanstilsynet)
  2. The issuer’s duty of disclosure applies from the time of application for listing
  3. The listing departement at Oslo Børs reviews the submitted documentatio up to the requirements of the Bond Rules on Oslo Børs and the administration decide bond issue to listing
  4. 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.

 

Listing ESG bonds on Oslo Børs or Nordic ABM

Issuers looking to list on Oslo Børs’ green bonds list are subject to the same listing requirements and continuing obligations that apply for regular listed bonds. In addition, the following requirements apply:

  • An independent review that certifies the environmentally friendly nature of the bonds
  • The independent review must be made publicly available in order to enable investors to understand the environmental aspects of the projects that are to be financed by the bond.
  • The issuers ongoing disclosure obligations from issuing an ESG bond (i.e continuing project reporting agreed with investors upon the issuance of the bond) must be made publicly available through the stock exchange announcements

An independent review can be commissioned from research organisations such as CICERO, certification companies such as DNV GL, audit firms such as KPMG or other.

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/certificate 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.

Certificate loan

An issue of interest-bearing instruments with an original maturity not exceeding 12 months is termed a certificate loan 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 certificate 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.

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Listing fees at Oslo Børs and Nordic ABM 2020

English Version

English 25/09/2020 Listing fees at Oslo Børs and Nordic ABM 2020 /sites/default/files/2020-09/2019-11-29%20Listing%20fees%20at%20Oslo%20B%C3%B8rs%20and%20Nordic%20ABM_2020.pdf
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Registration of issuers

English Version

English 25/09/2020 Registration of issuers /sites/default/files/2020-09/Registration%20of%20issuers%20-%202017%20%28l%C3%A5ntagerskjema%29_ny.pdf
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Check list to establish audit comittee

English Version

English 25/09/2020 Check list to establish audit comittee /sites/default/files/2020-09/Check%20list%20to%20establish%20audit%20comittee.xlsx
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Statement of acceptance for guarantors - Oslo Børs

English Version

English 25/09/2020 Statement of acceptance for guarantors - Oslo Børs /sites/default/files/2020-09/Tiltredelseserkl%C3%A6ring%20garantister%20-%20Oslo%20B%C3%B8rs_0.pdf
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Statement on management services - Oslo Børs

English Version

English 25/09/2020 Statement on management services - Oslo Børs /sites/default/files/2020-09/Tiltredelseserkl%C3%A6ring%20managementselskaper%20-%20Oslo%20B%C3%B8rs_0.pdf
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Statement on listing of bonds - Oslo Børs

English Version

English 25/09/2020 Statement on listing of bonds - Oslo Børs /sites/default/files/2020-09/Tiltredelseserkl%C3%A6ring%20notering%20-%20Oslo%20B%C3%B8rs_0.pdf
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Disclosure and distribution agreement

English Version

English 25/09/2020 Disclosure and distribution agreement /sites/default/files/2020-09/Disclosure%20and%20distribution%20agreement_0.pdf
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Contact

Liv Ingebjørg Grønlien

Liv Ingebjørg Grønlien

Senior Manager Listing Bonds Equities - Norway

+47 99 27 92 91

liv.gronlien@oslobors.no