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Corporate bond listing on the Vienna MTF is a flexible method of raising funds from institutional investors and funds, with the registry established in Euroclear or CREST, according to listing specialists Eurivex.
With institutional investors and funds preferring to invest mostly in listed instruments, the listing of debt instruments is by far the most effective way to facilitate such investments.
“We act as the bridge between Issuers with solid projects and good connections with fund managers who decide where to invest the funds under management,” says Eurivex CEO Shavasb Bohdjalian, adding that emphasis is on finding solutions with the offering of a complete package of listing, custody and brokerage services.
Eurivex https://www.eurivex.com/ is an EU investment firm regulated by Cyprus Securities & Exchange Commission (CySEC), license number 114/10, specialising in offering listing solutions and acting as depository for Alternative Investment Funds.
The listing department is responsible to prepare the Information Memorandum, submit and liaison with the Vienna Stock Exchange until approval is secured, usually within 5 working days, as well as secure the ISIN, CFI and other codes and setup the registry.
Thereafter, Eurivex offers its custody and safekeeping service to hold the dematerialized bonds for both the Issuer and its clients through which Delivery vs. Payment or Free of Payment FOP settlement is done involving delivery of the securities without a simultaneous transfer of funds – hence ‘free of payment’. Funds may either be remitted to the bank account of the Issuer or via Eurivex.
Eurivex is also a licensed broker and may act on behalf of the Issuers to sell the bonds via the Exchange or where two or more investors also maintain accounts with Eurivex, to do OTC trades.
Euroclear, CREST
One of the most difficult tasks involved in a listing is the first time setting up of the registry to make the bonds eligible for listing. Eurivex may setup the registry in Euroclear or the UK’s CREST based on customer needs.
For example, if the Issuer will target institutional investors based in the UK for its fund-raising campaign, then obviously it will make sense to setup the registry in CREST, while if the fund raising is targeted in EU, then Euroclear will be the preferred registry for clearing and settlement.
All major currencies are acceptable by the Vienna MTF and Euroclear/CREST for settlement.
In cases where no trading of the bonds on the Exchange is required, then the registry can be setup and maintained with Eurivex.
START-UPS WELCOME
Fund raising from institutional investors is the main reason for a listing, but there are other advantages for a listing on the Vienna MTF, such as allowing startups without any history to list their financial instruments. This is useful when the parent company establishes a Special Purpose Vehicle (SPV) and uses the SPV to act as the Issuer and pass the proceeds of the issue via a loan agreement.
Speed is critical in most fund-raising efforts and this is where the expertise of Eurivex in securing a listing approval within 15 days becomes advantageous. This is in part due to the efficiency of the Vienna Stock Exchange who scrutinize and decide on applications in record time.
TYPES OF BONDS
The Vienna MTF allows the listing of most types of debt instruments including: Traditional bonds with fixed coupon, Floating rate bonds, Zero coupon bonds, Convertible bonds as well as Performance linked bonds, whose value is tied to the performance of an underlying asset, in which case investors benefit/lose from the change in the NAV of the underlying asset.
Eurivex has done more than 50 listings on EU stock exchanges.
DISTRIBUTION – PRIVATE PLACEMENT
The Issuer must understand and commit that the issue will only be offered to well-informed and or professional investors through private placement.
In future, an Issuer may continue to privately place additional bonds and then following a simple process, add-on to the existing issue (same ISIN) as many times as required.
Eurivex Contact details
Head Office Address: 18 Kyriacou Matsi Ave., Victory Tower, 1st floor, Nicosia 1082, Cyprus
Telephone +357 22 02 88 31 Fax +357 22 25 53 18
Web site: www.eurivex.com Enquiries: ceo@eurivex.com
Eurivex is regulated by Cyprus Securities & Exchange Commission CySEC, license 114/10. © Eurivex Ltd. 2021. All rights reserved. No part of this document may be reproduced, stored or transmitted in any form or by means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Eurivex Ltd. The material in this document is for informational purposes only and does not constitute legal or professional advice. No responsibility or liability is accepted by Eurivex Ltd in connection with the use of information contained in this document.