ΑΤΗΕΧ Group provides the following options to issuers of corporate bonds and Greek Government bonds (GGBs):
- listing in the Regulated Market or trading on the Alternative Market and, concurrently, trading, clearing, settlement and registration or
- registration in dematerialized form with the electronic records kept at the Hellenic Central Securities Depository (HCSD).
For this purpose, issuers of bonds are offered automated services for the support of corporate actions and payments, including;
- coupon payment
- repayment (partial /total, early/on maturity) of loan
- exchange offers
- bondholder General Meeting support and provision of bondholder record
- provision of records with transfer deeds
- procedures for the conversion/exchange of bonds with listed stocks
- dematerialization of paper bonds and provision of ISIN & CFI codes
Please note that the above services may be provided to both Greek and foreign issuers and pursuant to any law (for instance English law), always in compliance with European Directives and laws (e.g. Prospectus Directive).
Corporate bonds to be listed for trading will be included under trading category "Fixed Income Securities" of the Regulated or the Alternative Market.
|Brochure for Corporate Bonds|
A. Corporate Bonds
A corporate bond is a loan issued by a company (issuer). It is divided into bonds, which account for the rights of bondholders vis-a-vis the issuer in accordance with the terms of the loan.
Corporate bonds that are issued by Societes Anonymes established in Greece will be subject to Law 3156/2003.
They may be listed for trading on the Regulated Market or be traded on the ATHEX Alternative Market.
The listing of all categories of corporate bonds provided for under Law 3156/2003 is supported. These include;
- common bonds
- convertible bonds
- exchangeable bonds
- bonds with the right to participate in gains.
Corporate bonds that have been issued by companies operating under foreign law (for instance English law) may also be traded on both ATHEX markets.
Currently on ATHEX there are corporate bonds traded not only on the Regulated Market, but also on the Alternative Market.
B. Greek Government Bonds
The following bonds are listed without being traded in the Regulated Market of ATHEX;
- Greek Government Bonds
- Greek Government Treasury Bills
Click below for more specific information:
Corporate Bonds subject to Law 3156/2003 - General Information
- Corporate bonds are issued by a societe anonyme established in Greece or a foreign equivalent legal form company.
- They may be listed to trading on regulated markets in Greece, on the condition that such markets are connected to the ATHEX Dematerialized Securities System (DSS).
- Where dematerialized bonds are issued, bondholders must form a group. The company will, by written agreement, nominate the bondholder representative, who may only be a credit institution or an investment firm.
- It is the role of the bondholder representative to represent bondholders vis-a-vis the issuer and shield their interests. The representative's acts will bind the bondholders and he will be held responsible vis-a-vis the bondholders for any misdemeanor. The representative will, upon receiving the funds destined to settle the liabilities arising out of the corporate bonds, proceed to forthwith deposit such funds.
Greek Government Bonds - General Information
It is possible to list on the regulated market bonds that have been issued by the Greek government, public-law bodies corporate, regional and local government, other States, their regional and local government, or public-law international organizations (Article 8 of Law 3371 /2005).
For bonds to be listed, they must be freely negotiable, the application for listing must concern all bonds of the same issue.
On ATHEX, apart from the listed Greek Government Bonds, series of Greek Government Treasury Bills have also been listed.
Detailed information regarding listing/ admission to trading by market
Bonds may either be listed on the Regulated Market or be admitted to trading on the ATHEX Alternative Market.
Please select the relevant market to view more information regarding the conditions and the procedure for listing/admission to trading, as well as the relevant supporting documents:
Legal and Regulatory Framework
- Law 3156/2003 on bond loans.
- Law 3371/2005 on the admission of transferable securities in stock exchange regulated markets (transposing Directive 2001/34/EC).
- Law 3401/2005 on the Prospectus Directive (transposing Directive 2003/71/EC).
- Law 2190/1920 on societes anonymes.
- ATHEX Rulebook
- Resolution No 28 of the ATHEX BoD; Documents prescribed for primary listing of securities in ATHEX.
A. Corporate Bonds
Initial Listing/Admission to trading
|Regulated Market||Alternative Market|
|Listing fee EUR 3,000 regardless of the issue amount||Admission fee EUR 1,500 regardless of the issue amount|
|DSS registration fees 0.025% on the issue value (minimum fee; EUR 3,000 and maximum fee; EUR 10,000)|
- Annual fee for keeping bonds in the DSS EUR 1,000
B. Government bonds and Greek Government Treasury Bills
- Listing fee EUR 1,500 regardless of the issue amount
- DSS registration fees 0.04 % on the issue value.
- Bonds and other fixed income securities are traded under the ATHEX "Fixed Income Securities" category.
- Trading is anonymous.
- Trading is carried out on the Main Board following the "continuous trading" method, the Pre-Agreed Trading Board (for pre-agreed trading) and the Special Terms Board using Hit & Take.
- The price increment for fixed income securities is fixed at 0.0001% of their face value.
- Daily fluctuation limits are free for fixed income securities.
- The minimum trading unit for fixed income securities is equal to the unit.
- The closing price is computed based on the calculation of the volume-weighted average of the trading price for the bond for the last 30 minutes of Continuous Trading Phase.
- Trading clearing and settlement is performed at T+2.
New Listings Prospectuses
Laws and Regulations
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