Listing

The Oslo Alternative Bond Market (Oslo ABM) is a marketplace for which Oslo Børs determines the marketplace rules in consultation with market participants. Oslo ABM is a separate marketplace that is not regulated or authorised under the terms of the Stock Exchange Act, and accordingly in terms of the MiFID definitions it is an unregulated marketplace. Both bond loans and certificate loans can be listed on Oslo ABM.

The process for admission to listing on Oslo ABM is somewhat simpler than for Oslo Børs since the prospectus rules are in general more comprehensive for loans listed on a regulated stock exchange. However the disclosure requirements and trading rules are virtually the same as for loans listed on Oslo Børs. One important difference is that there is no requirement for companies with securities listed on Oslo ABM to prepare their consolidated accounts in accordance with IFRS.

Access to a larger investor base
By listing bonds or short-term interest-bearing instruments (certificates) on Oslo ABM, borrowers gain access to a larger investor base because some investors will only buy listed bonds and certificates. There are a number of reasons for some investors to make this distinction, including:

• The requirement for an approved listing document ensures that investors have access to all the information relevant to their investment decision
• Issuers have a continuing duty to provide the market with financial information and to notify any developments significant for the pricing of their interest-bearing securities
• Professional and systematic surveillance of the market ensures fair and proper trading
• Organised trading through a reliable trading system
• Information on the market and individual issues is available on the Oslo ABM website.

In addition to gaining access to more investors, listing interest-bearing securities on Oslo ABM offers a number of other benefits:

• Publicity for the issuer on the Oslo ABM website
• The issuer receives regular information, without charge, on the fixed-income market in general and its listed securities in particular
• Some brokers assert that investors accept a lower return for listed loans rather than unlisted loans.