Bond listings on Emerging Companies Market of the Cyprus Stock Exchange

The Cyprus Stock Exchange, a eurozone member exchange allows private or public companies domiciled in any jurisdiction to issue bonds and list them on the Emerging Companies Market of the Cyprus Stock Exchange (ECM).

The ECM is a Multilateral Trading Facility (MTF) as defined by the EU’s Markets for Financial Instruments Directive (MiFID) operated by an EU regulated stock exchange which the Cyprus Stock Exchange is.

The minimum amount of the bonds that can be listed on any eurozone stock exchange, including Cyprus is EUR 200.000 per listing.

The Bond Registry is maintained by the CSE in electronic format or the registry is maintained in UK’s CREST.

A Trustee will need to be appointed with a Trust agreement in place in order to protect the rights of bond holders.

The listing process takes 2-4 months to complete.

Companies interested to list their bonds on the ECM need to maintain a CSE approved Nominated Advisor (Nomad) to handle the listing procedures.

Eurivex is an approved and experienced Nomad. You may view the link from the Cyprus Stock Exchange at http://www.cse.com.cy/en-GB/non-regulated-market/nominated-advisors/nominated-advisor-details/?NomadId=26 

Reporting requirements

All companies that have listed securities on the ECM are required to comply with a number of ongoing obligations. The Nomad will guide the company on its ongoing compliance with the ECM Rules. The key considerations to bear in mind are:

  • Issuer submits its Audited accounts within 4 months after financial year-end
  • Issuer needs to submit its first half management accounts 4 months after end of first half
  • Corporate action including notification for holding AGM/EGM, the results of the AGM/EGM, bonus share issues, mergers and acquisitions, changes in Directors, major announcements that may have a major impact on the bond price will need to be notified to the CSE
  • Company needs to pay its dues and obligations to CSE, its Nomad and other Cyprus professionals on time and without delay.

In the event of delisting, the CSE applies an additional fee of €10,000.

Disclaimer & Regulatory information
Eurivex Ltd is a Cyprus Investment Firm, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), License number 114/10. Company Reg. HE 255430. Headquartered and based in Cyprus, member of EU.

Risk warning: Investing in financial instruments and other derivatives involves a high degree of risk and may not be suitable to all investors. Trading in such financial instruments can result in both an increase and decrease in capital. If you invest through Eurivex Ltd, the value of investments may go down and your capital will be at risk. Eurivex Ltd operates a secondary market but there is no guarantee that all buy/sell orders will be completed at the desired prices and there is a risk that an order may not be completed in the Eurivex secondary market if there is no matching order. There is no guarantee that you will be able to exit early by selling your investment. Eurivex Ltd does not provide investment, tax or legal advice. If you are unsure about the suitability of an investment, you should speak to a financial adviser. Please refer to our Risk Warning available on our web site for further information.