5.3 Framework Conditions: Listing and Ratings

Choice of Listing Venue: SIX, Luxembourg, Euronext Dublin or London

The choice of listing venue affects not only regulatory requirements but also market perception, investor reach and communication with debt investors.

Historically, the Luxembourg Stock Exchange and the London Stock Exchange dominated the international Eurobond market. Today, Euronext Dublin and SIX Swiss Exchange also rank among Europe’s most important listing venues for bonds.

For Bond IR, the listing venue itself is generally less important than the investor base being targeted and the regulatory framework under which the issuer operates.

SIX Swiss Exchange

SIX Swiss Exchange is the leading venue for CHF-denominated bonds and has increasingly established itself as a venue for EUR-denominated issuances. It provides direct access to Swiss investors and offers an efficient bond admission process. For Swiss issuers, it also enables an integrated capital-markets presence across both equity and debt securities.

Luxembourg Stock Exchange

Luxembourg has long been one of the world's most prominent bond listing venues. Supranational organisations, sovereigns, financial institutions and multinational corporations frequently choose Luxembourg as their listing location, contributing to its strong international recognition among fixed-income investors.

Euronext Dublin

Euronext Dublin has established itself as a leading European venue for international debt securities. Many EMTN programmes and frequent issuers use Dublin as the primary platform for their debt issuance programmes.

London Stock Exchange

The London Stock Exchange remains one of the world's most significant capital markets and continues to play an important role for GBP-denominated bonds and issuers with a substantial UK or international investor base.

What Does This Mean for Issuers?

From the perspective of most institutional debt investors, credit quality remains the primary consideration. The choice of listing venue is typically secondary, provided that the issuer operates within a transparent regulatory framework and maintains professional communication with investors.

The Role of Credit Ratings

Credit ratings are an important tool for many institutional investors when assessing an issuer’s creditworthiness.

They influence:

• The potential investor base
• Refinancing costs
• Bond liquidity and tradability
• Index eligibility
• Regulatory capital requirements

Professional interaction with rating agencies includes:

• Regular meetings
• Transparent communication
• Early engagement regarding strategic changes
• Consistent messaging towards both rating agencies and investors