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 commercial paper on 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

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

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. 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
  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.

 

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.

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2021 - Schedule of fees for bonds Norway

English Version

English 30/11/2020 2021 - Schedule of fees for bonds Norway /sites/default/files/2020-11/2021%20-%20Schedule%20of%20fees%20for%20bonds%20Norway_%20english.pdf
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2021 - Prisliste obligasjoner Oslo

Norwegian Version

Norwegian 30/11/2020 2021 - Prisliste obligasjoner Oslo /sites/default/files/2020-11/2021%20-%20Prisliste%20obligasjoner_norsk.pdf
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Commercial terms Oslo Børs

English Version

English 19/01/2021 Commercial terms Oslo Børs /sites/default/files/2021-01/Commercial%20terms%20Oslo%20B%C3%B8rs.pdf
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Forretningsvilkår Oslo Børs

Norwegian Version

Norwegian 19/01/2021 Forretningsvilkår Oslo Børs /sites/default/files/2021-01/Forretningsvilk%C3%A5r%20Oslo%20B%C3%B8rs.pdf
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Application Form (1.1) - New Issuers

English Version

English 15/12/2020 Application Form (1.1) - New Issuers /sites/default/files/2021-02/Application%20Form%20%281.1%29%20-%20New%20Issuers.docx
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Application Form (1.2) - Bonds

English Version

English 15/12/2020 Application Form (1.2) - Bonds /sites/default/files/2021-02/Application%20Form%20%281.2%29%20-%20Bonds.docx
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Application Form (1.3) – Municipalities and county municipalities

English Version

English 15/12/2020 Application Form (1.3) – Municipalities and county municipalities /sites/default/files/2020-12/Application%20Form%20%281.3%29%20-%20Kommuner%20og%20fylkeskommuner.docx
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Søknadsskjema (1.3) - Kommuner og fylkeskommuner

Norwegian Version

Norwegian 01/02/2021 Søknadsskjema (1.3) - Kommuner og fylkeskommuner /sites/default/files/2021-02/S%C3%B8knadsskjema%20%281.3%29%20-%20Kommuner%20og%20fylkeskommuner.docx
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Application Form (1.4) - Commercial papers

English Version

English 15/12/2020 Application Form (1.4) - Commercial papers /sites/default/files/2021-02/Application%20Form%20%281.4%29%20-%20Commercial%20papers.docx
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Oslo Børs – Lånebeskrivelse Fixed (kommuner og fylkeskommuner)

Norwegian Version

Norwegian 15/12/2020 Oslo Børs – Lånebeskrivelse Fixed (kommuner og fylkeskommuner) /sites/default/files/2020-12/Oslo%20B%C3%B8rs%20-%20L%C3%A5nebeskrivelse%20-%20Fastrente%20-%20MAL%20for%20kommuner.docx
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Oslo Børs - Lånebeskrivelse FRN (kommuner og fylkeskommuner)

Norwegian Version

Norwegian 15/12/2020 Oslo Børs - Lånebeskrivelse FRN (kommuner og fylkeskommuner) /sites/default/files/2020-12/Oslo%20B%C3%B8rs%20-%20L%C3%A5nebeskrivelse%20-%20FRN%20-%20MAL%20for%20kommuner.docx
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Disclosure and distribution agreement

English Version

English 02/09/2020 Disclosure and distribution agreement /sites/default/files/2021-02/Disclosure%20and%20distribution%20agreement_0.pdf
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Avtale om offentliggjøring og distribusjon.pdf

Norwegian Version

Norwegian 15/12/2020 Avtale om offentliggjøring og distribusjon.pdf /sites/default/files/2020-12/Avtale%20om%20offentliggj%C3%B8ring%20og%20distribusjon.pdf
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Statement of acceptance - Guarantors (Oslo Børs)

English Version

English 01/02/2021 Statement of acceptance - Guarantors (Oslo Børs) /sites/default/files/2021-02/Statement%20of%20acceptance%20-%20Guarantors%20%28Oslo%20B%C3%B8rs%29.pdf
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Statement of acceptance - Management Companies (Oslo Børs)

English Version

English 01/02/2021 Statement of acceptance - Management Companies (Oslo Børs) /sites/default/files/2021-02/Statement%20of%20acceptance%20-%20Management%20Companies%20%28Oslo%20B%C3%B8rs%29.pdf
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Statement on admission to trading - foreign issuers (Oslo Børs)

English Version

English 01/02/2021 Statement on admission to trading - foreign issuers (Oslo Børs) /sites/default/files/2021-02/Statement%20on%20admission%20to%20trading%20-%20foreign%20issuers%20%28Oslo%20B%C3%B8rs%29.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