Bonds

The aggregated nominal value of a bond issue must be at least CHF 20 million (or an equivalent amount in another currency).

Bonds denominated in all major world currencies can be listed and/or traded on SIX such as:

• Australian Dollar (AUD)
• Canadian Dollar (CAD)
• Swiss Francs (CHF)
• Chinese Yuan Renminbi (CNY)
• Czech Krone (CZK)
• Danish Krone (DKK)
• Euro (EUR)
• British Pound (GBP)
• Hungarian Forint (HUF)
• Japanese Yen (JPY)
• Mexican Peso (MXN)
• Norwegian Krone (NOK)
• New Zealand Dollar (NZD)
• Polish Zloty (PLN)
• Russian Ruble (RUB)
• Swedish Krone (SEK)
• Turkish Lira (TRY)
• Singapore Dollar (SGD)
• US Dollar (USD)
• South African Rand (ZAR)
  

Bonds listed and/or traded on SIX can be categorized as follows:

• Straight bonds
• Floating-rate bonds
• Convertible bonds
• Contingent convertibles
• Loan participation notes
• Subordinated bonds
• Dual-currency bonds
• Option bonds
• Zero bonds

Yes, it is. Financial instruments with a high liquidity and a maturity of less than one year are called "Money Market Papers". The issuing and listing fees applied to Money Market Papers are lower than the other types of securities.

An issuer should have existed for at least three years (exemptions may be requested/granted). The financial statements of the last two full financial years must be included in the bond listing prospectus.

No, the issuer must appoint a Recognized Representative to submit its listing application/documentation. The Recognized Representative assists and guides the issuer in respect of the admission to listing of its securities on SIX.

• The articles of association
• An excerpt from the Commercial Register (or any comparable foreign register) for a new issuer
• The listing prospectus
• The issuer declaration
• A copy of the certificate for permanent global certificates (if applicable)
• A copy of the register for uncertified securities (if applicable)

The admission for provisional trading for bonds may be granted within three trading days after the related application is submitted with three additional trading days for a new issuer since in this case the submission of an application for pre-verification is required. The complete required listing documentation must be submitted within two months from the provisional admission to trading.

All documents must be submitted in writing in either one of the following languages: German, French, Italian or English.

The listing prospectus is substantial to the entire process of the bond listing. It must include all relevant information about the issuer/company, the securities and where applicable, the guarantor. For detailed information of what information a bond listing prospectus must contain,
please see Scheme E .

From the time at which securities are listed or admitted to trading on SIX, the issuer needs to fulfill certain obligations for maintaining a listing or admission to trading such as for example:

• Financial reporting
• Ad hoc publicity
• Other reporting requirements regarding the issuer (e.g. change of company name, change of auditor, etc.) and the security (e.g. amortizations, early repayments, etc.)

See also: https://www.ser-ag.com/en/resources/laws-regulations-determinations/regulations.html

• Directive Regular Reporting Obligations (DRRO)
  
• Directive on Financial Reporting (DFR)
  
• Additional Rules for the Listing of Bonds (ARB)

The Swiss Bond Indices (SBI) mirror the developments in the CHF-denominated bond market. Certain criteria must be met for a CHF bond to be admitted to the SBI:

• Issue size: At least CHF 100 million.
• Bond categories: Only straight bonds (fixed-rate securities) without additional clauses. Exceptions to this rule are straight bonds subject to premature redemption, subordinated bonds and step-up bonds.
• Maturity: Remaining term to maturity of at least one year.
• Rating: Bonds must have a SBI composite rating of at least BBB*