Corporate clients

LISTING/ENTRY OF BONDS, CERTIFICATES AND DEBT ISSUANCE PROGRAMMES ON THE VIENNA STOCK EXCHANGE

Admission and Listing Procedures for the Regulated Markets or Inclusion in the MTF (Third Market)

On Vienna Stock Exchange, the admission to listing or inclusion in trading (MTF) of bonds and issuance programs is characterized by fast procedures and low fees. In case an issuance program is admitted on Vienna Stock Exchange single bonds issued under the program will be listed / included without admission / inclusion procedure. Trading in the bonds may start two days after Vienna Stock Exchange 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 / a credit institution / an investment firm. 


• 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):

Applicant

Official Market

Issuer plus a stock exchange member

Second Market

Issuer plus a stock exchange member

Regulated MTF (Third Market)

A stock exchange member or 
a credit institution or 
an investment firm

Minimum

EUR 725,000

EUR 725,000

No requirement

Size prospectus

required (exemptions possible, see later)

required (exemptions possible, see later)

No required

Minimum number of units

Not quantified

No requirement

No requirement

Free float

Not quantified

No requirement

No requirement


The following steps towards a listing are necessary:

  • Informal contact with Vienna Stock Exchange
  • Submission of the required documents at Vienna Stock Exchange
  • Admission procedures and inclusion procedures
  • Start of trading

Vienna Stock Exchange 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.  

 

Admission to the Official Market or the Second Regulated Market may be granted without requiring a listing prospectus in the above mentioned cases.  

INTEREST RATE SWAPS

PUBLIC AND PRIVATE OFFERINGS

As an alternative to financing activities through corporate bond issuance or bank debt, a company may decide to initiate an initial public offering (IPO) or a secondary public offering (SPO)

  • Regarding initial public offerings (IPOs), the company lists its shares on a regulated market or alternative trading system for the first time. By means of an IPO through a share capital increase, capital is raised from investors purchasing the newly issued shares.
  • In the case of secondary public offerings (SPOs), an already-listed company can raise additional capital by issuing new shares to the public.

Other types of offers for which Blue Rock Financial Services offers consulting and brokerage services are public or private buy / sell offers, transactions through which transactions with important stock packages are carried out.