Listing a bond on the BdL Market

Listing on the Bourse de Luxembourg (BdL) market will require submission of a prospectus to Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). Once the prospectus has been reviewed and approved, the security will be listed and admitted to trading.

  • Choosing a listing agent (optional)

    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.

    See our listing members
  • CSSF approval

    Before listing a bond on the BdL market, you must first file a prospectus with the CSSF. Send your prospectus to prospectus.approval@cssf.lu or visit the CSSF’s website for more information:

    CSSF website

    Note that some issuers, such as supranationals, 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.

    Prospectus Law
  • Listing requirements

    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.

    LuxSE Rules & Regulations
  • Listing process

    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

    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:

    Fees - CSSF

    Listing and maintenance fees are paid to LuxSE.

    • Bonds
      Listing fee First listing Subsequent listing Fungible
      1,200 600 600
      Maintenance fee
      per security per year
      Issued amount
      (in € million)
      First listing Subsequent listing
        Up to 50 500 300
        Up to 100 650 450
        Up to 500 700 500
        More than 500 800 600
    • 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.

    Registered supranationals benefit from reduced pricing. For more details about fees, see our listing fees booklet:

    Listing fees booklet
  • Continuing obligations

    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).

    Part 1, Chapter 9 – 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.

    FIRST

If you need more information

Contact us




portrait-api.jpg
Alex Picco

Head of Listing

+352 47 79 36 261 api@bourse.lu