Terms for listing of interest-bearing instruments

Oslo Børs offers several lists for interest-bearing securities depending on the type of issuer and the terms and conditions of the securities issued. 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/certificate 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. Click here to see the checklists for these documents.

Certificate loan
An issue of interest-bearing instruments with an original maturity not exceeding 12 months is termed a certificate loan 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 certificate loan agreement and appoint an approved trustee for the loan.