Terms

Issuers who wish to list their bond loans or certificate loans on an organised secondary market, but who do not need a listing on a regulated market authorised pursuant to the Stock Exchange Act, can achieve their objective by applying for listing on Oslo ABM. Loans are listed on one of a number of different lists for interest-bearing securities in accordance with the type of issuer and the terms and conditions of the securities issued. A number of conditions must be satisfied before a bond loan can be admitted to listing. These include requirements that the securities must be registered with a central securities depository, fully paid-up and freely transferable. In addition, the issuer must provide adequate information to the market to enable market participants to determine fair market prices for the issuer's bonds or certificates.

Listing on Oslo ABM - bond loans
The issuer must produce a listing document prior to applying for listing. The listing document provides the basis for the decision on whether the securities are suitable for listing on Oslo ABM. This evaluation pays particular attention to factors such as 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 listing document normally consists of a loan description, a loan agreement and in some cases a description of the issuer. The loan description provides information on the loan itself, while the description of the issuer provides information on the borrower. The contents of the two documents are subject to specific requirements. These requirements are set out in Section 2.7.3 of the ABM Rules, which can be found on the Oslo ABM website (link). The issuer's annual report can be used as the description of the issuer subject to certain minimum requirements being satisfied.

Listing on Oslo ABM - certificate loans
An issue of interest-bearing instruments with an original maturity not exceeding 12 months is termed a certificate loan in the Norwegian market. In order to list an ordinary certificate loan on Oslo ABM, the issuer is normally expected only to prepare a certificate loan agreement and appoint an approved trustee for the loan.