Listing a bond on the BdL Market

It is not mandatory to appoint a listing agent to list at LuxSE; you can submit applications directly with us. However, you may choose to appoint a listing agent to submit requests on your behalf.

Our listing members can act as a listing agent for you.

Before listing a bond on the BdL market, you must first file a prospectus with the CSSF within the e-Prospectus web platform. To find out more, visit the CSSF’s website:

Note that some issuers, such as Public International Bodies, do not fall under the scope of the Prospectus Law and should instead send their prospectus directly to LuxSE. To see which rules apply to you, see Part 3, Chapter 2 of the Prospectus Law.

In order to list on the BdL market, your bond must fulfil the following criteria:

• Minimum issue size of €200,000 or equivalent value in other currencies
• Bond should be eligible for clearing and settlement
• Bond should be freely negotiable and fungible

See Part 1, Chapters 5 and 7 of LuxSE’s Rules & Regulations for full details of the listing requirements.
 

File a prospectus
An issuer must also file an application with LuxSE before being admitted to trading on the BdL market. Complete the following documents and send them to bolide@bourse.lu:

• A copy of the prospectus
• Application form
• Undertaking letter

Final submission
Listing can only take place once the prospectus has been approved by the CSSF and after receipt of the following items:

• Final version of the prospectus
• First listing price (current market price)
• Closing confirmation
• Split of RegS - Rule 144A Notes (if applicable)

Fees related to the approval of a prospectus are to be paid to the CSSF. Details of the CSSF’s fees can be found here:

Listing and maintenance fees are paid to LuxSE.

• Bonds

  + -

  Listing fee	First listing	Subsequent listing	Fungible
  	1,500	800	800

  Maintenance fee per security per year	Issued amount (in € million)	First listing	Subsequent listing
  		Up to 50	500	400
  		Up to 100	650	450
  		Up to 500	700	500
  		More than 500	800	700

• Structured investment products

  + -

  Structured investment products are structured notes, warrants or certificates that are based on an underlying security, stock, commodity or other financial instrument, and are issued by a credit institution or affiliate.

  Listing fee	First listing	Subsequent listing	Fungible
  		1,000	600	600

  Maintenance fee		Per security per year
  		300

  Maintenance fees are charged per ISIN and are payable up front for up to a maximum of 20 years.

For more details about fees, see our listing fees booklet:

After listing and admission to trading, issuers are required to fulfil specific reporting obligations. Issuers must file documents containing regulated information with the CSSF, as outlined under the Law of January 2008, which implements the requirements of the EU Transparency Directive.

Issuers must also file information and scheduled corporate events with LuxSE (Part 1, Chapter 9 of the Rules & Regulations).

Issuers on the BdL market can take advantage of LuxSE’s FIRST, a new integrated tool that distributes publications to the market, the Officially Appointed Mechanism (OAM) and the CSSF. By using FIRST, you will fully comply with all regulatory reporting obligations.

In the context of MiFID II / MiFIR and MAR, the LuxSE is obliged to collect a ‘Legal Entity Identifier’ or ‘LEI’ code from any issuer operating on its regulated market (Bourse de Luxembourg) and on its Multilateral Trading Facility (Euro MTF) and communicate it to the relevant supervisory authorities.

You can apply for and renew an LEI code directly via LuxSE.