Corporate Bond listings on Vienna stock exchange made easier
July 9, 2013 8:48 am

Private corporations from any jurisdiction are now in a position to issue their corporate bonds and list the bonds on the MTF Market of the Vienna Stock Exchange under simplified listing rules and at very reasonable fees.

The Multilateral Trading Facilities (MTF) are a form of “lite exchange” because they provide similar or competing trading services, such as rulebooks and market surveillance departments, but operate through simplified procedures and at very competitive fees than what it would cost to list financial instruments (shares, bonds, funds) on the traditional stock market segments.

The MTF Market of Vienna Stock Exchange is operated by the regulated Vienna Stock Exchange.
In Vienna they also refer to the MTF Market as the Third Market but trading in bonds goes through the same clearing and settlement structure.

The biggest advantages for listing in MTF Markets are:
• There is no need to submit prospectus. Listing is done through simplified method.
• A bond listing on an EU stock exchange allows the Issuer regulatory approval to sell the bonds and raise money from investors across the EU28.
• Issuer secures Austrian (AT) International Securities Identification Number (ISIN).
• Listing in major currencies allowed.
• Issuer is under no obligation to provide liquidity.
• Startups without prior history can list their financial instruments.
• Listing is secured in 2 weeks.
• Clearing and custody via OeKB – the Austrian CSD Depository with access to Clearstream/Euroclear.
• Listing costs are significantly lower.
• The level of reporting after listing is lite.
• Trading in the financial instruments is done via brokers on Xetra system.

The Vienna Stock Exchange allows for most types of bond listings including:
– Traditional bonds with fixed coupon
– Floating rates
– Zero coupon bonds
– Performance linked bonds*, whose value is tied to the performance of the underlying asset.
*Performance Linked Bonds are increasingly becoming attractive since they spread the risk of performance on the investors.
Such Performance Linked Bonds may also be used for trading in capital markets in derivative products such as trading in shares, bonds and forex. When the trading performance is positive, the NAV will increase, whereas if there are trading losses, the NAV will decline.

The Vienna Stock Exchange prefers for Issuers to conduct their private placement of bonds and then list on the Exchange. An Issuer can apply for a larger amount of listing, but list the bonds in tranches of minimum EUR 200.000 lots over several years.
Once the listing procedures have been approved, Eurivex will secure an Austrian AT-ISIN for the bonds.

The Issuer also needs to furnish evidence that it meets the requirements for including in trading pursuant to Exchange rules, but Issuer has free choice of clearing system while its Global certificates have to be deposited with Euroclear, Clearstream Luxembourg, the Austrian central custodian OeKB or other custodians having a clearing link with OeKB.
Eurivex, a regulated EU investment firm, which has acted as Listing Agent for more than 15 bond listings on the MTF Market of the Vienna Stock Exchange, is also an approved Paying Agent with its clearing account via OeKB and can deliver listed bonds to customer custodian banks who maintain accounts with Clearstream Luxembourg Bank or Euroclear.
Bonds are traded on Xetra trading system, but Issuer is under no obligation to provide liquidity.


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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.