Nasdaq's Listing Options

Bond Listing Denmark

A broad variety of issuers have listed bonds on our Copenhagen market including the Danish government and semi-public institutions, local banks, international investment banks, companies and multilateral institutions.

Nasdaq is the center of fixed income instruments in the Nordic region. All major types of debt instruments can be listed on our markets, including, but not limited to, government bonds, mortgage bonds, structured bonds and corporate bonds. In Denmark mortgage bonds represent the largest category of listings. The bonds listed on our Copenhagen market stem from a broad variety of issuers, including the Danish Government, semi-public institutions, multilateral institutions, local banks, international investment banks and other corporations. We provide guidance to issuers and their advisors throughout the listing process.

Advantages of Being Listed

Nasdaq Copenhagen A/S is an integrated part of the financial infrastructure in Denmark given our offerings of listing and trading venues as well as information services.

Thus listing of securities on our market gives a direct access to Danish financial markets with trading and data distribution service to all financial institutions in Denmark. In short a listing gives you the following advantages:

  • Listing on a regulated market fulfills requirement from many institutional investors only allowed investing in listed securities. Similarly listing on a regulated exchange is applicable for approaching private Danish investors making individual investments made under the Danish Pension Scheme (Pensionsafkastningsbeskatningsloven)
  • Trading in the secondary market with updated pre and post trade information in many securities
  • Visibility through distribution of trading information vendors
  • Official price quotes from a regulated exchange
  • Updated best execution prices for settlement of retail off-exchange trades.

Listing Process

The listing process for debt instruments is the same for all product types. The process consists of two stages.

1. Issuer Application

A new issuer must first be approved by the exchange. The application is uploaded through Nasdaq Listing Center, an online portal where all required documentation can be submitted electronically. Issuer applications are reviewed within two weeks.

New issuers must sign the General Terms and Conditions for listing whereby the issuer undertakes to fulfill the disclosure requirements and other obligations laid upon issuers of listed securities as prescribed in the Consolidated Act on Securities Trading and the rules laid down by the Danish Securities Council and Nasdaq Copenhagen A/S.

2. Instrument Application

Approved issuers can submit applications to list instruments via Nasdaq Listing Center. The instrument application process takes a maximum of two business days and is completed within one day when the application is received before 10 am. 

Issuers that wish to list sustainable bonds must comply with additional listing criteria described on our sustainable bonds page.

Bonds are listed in accordance with the Danish Securities Council Executive Order No. 1069 of 4 September 2007 on the Conditions for the Admission of Securities to Stock Exchange Listing and The Rules for Issuers at Nasdaq Copenhagen A/S.

For more information regarding the application process, listing requirements or fees, don’t hesitate to contact our fixed income team.

Prospectus Rules

Fixed income securities are admitted to trading based on an approved prospectus in accordance with the Commision Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament, and the Rules for Issuers on Nasdaq Copenhagen A/S.

Fixed income securities can either be admitted to trading on the basis of a stand alone prospectus or on the basis on a base prospectus and a set of final terms related to the specific issue of securities.

Issuers with an approved base prospectus must submit the base prospectus and a set of final terms related to the specific issue of securities to the exchange. In this case Nasdaq Copenhagen reviews the final terms in order to make sure that the specifics of the securities in question are such that the securities can be admitted to trading and officially listed at Nasdaq Copenhagen.

Application for Admission to Trading

The following material should be send to Nasdaq Copenhagen A/S when applying for admission to trading and official listing of a fixed income product:

  • Draft prospectus (stand alone) or draft of basis prospectus and set of final terms (MTN programme).
  • Time schedule for the listing process.
  • Completed basic data registration form
Scroll up