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Bond listing in Russia

Category — CIS Bond Market
A Bond listing in Russia is a set of procedures for the admission of securities for trading on a stock exchange in a manner approved by the listing authorities. Different listing levels describe the quality and reliability of the issuer of securities, and the investment risk level.

The key objectives of a listing are to raise the level of awareness between market participants, thereby contributing to the development of optimal trading conditions; setting uniform centralized quality standards and requirements aimed at protecting the interests of investors and increasing securities credibility.

There are three categories for all securities at the Moscow Exchange: Level I, Level II and Level III of the List. For listing, the security shall meet the requirements set forth by the listing rules of the Moscow Exchange for inclusion in the appropriate listing level.

The following segments of securities are identified at the Moscow Exchange: the Growth Sector (the main objective of which is to facilitate investment raising by small and mid-cap companies), the Sustainable Development Sector (created to finance ecological, environmental and socially important projects) and the Increased Investment Risk Companies Sector.

An example of a bond issue included in Level I of the List of the Moscow Exchange is Rostelecom, BO-01.
An example of a bond issue included in Level II of the List of the Moscow Exchange is STLC, BO-03.
An example of a bond issue included in Level III of the List of the Moscow Exchange is Brusnika. Stroitelstvo i development, 001P-01.

The listing of securities on the Saint-Petersburg Exchange is carried out by including securities both in the first and second level quotation lists and in the non-quotation section of the list. In terms of the non-quotation section of the list, the securities may be included in the Voskhod Segment and Qualified Investor Segment.

The Voskhod Segment is intended for issuers that raise investments for the implementation of projects in the Far East. The Qualified Investor Segment may include securities of the Russian issuers, provided they are intended for qualified investors.

For example, a bonds issue DRP, BO-001-02 is included in Voskhod segment of the Saint-Petersburg Exchange.

Delisting is the reverse of listing. The primary causes for delisting are insufficient sales of securities for a specific listing level, expiration of the admission and circulation periods, failure of the issuer to comply with the exchange requirements, and liquidation of the issuer of securities.
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