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, 4 corporate bonds are traded in the Regulated Market and 1 corporate bond in the Alternative Market of  ATHEX.

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:


Bonds subject to Law 3156/2003 - General Information
  • Such bonds are issued by a societe anonyme established in Greece.
  • 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 securities 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 bond loans, 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.
Currently, twenty-three Greek Government bonds are listed on ATHEX, as well as Greek Government Treasury Bills.


Detailed information regarding listing/trading by market

Bonds may either be listed on the Regulated Market or be traded on the ATHEX Alternative Market.
Please select the relevant market to view more information regarding the conditions and the procedure for listing/trading, as well as the relevant supporting documents:


Legal and Regulatory Framework

Greek Legislation

  • 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

HCSD Rulebook

ATHEXClear Rulebook


Fees

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 Cost

  • Annual fee for keeping bonds in the DSS EUR 1,000

B. Government bonds and Greek Government Treasury Bills

Initial Listing

  • Listing fee EUR 1,500 regardless of the issue amount
  • DSS registration fees 0.04 % on the issue value.
     


Market Model
The main principles to which the "Fixed Income Securities" Market Model is subject are given next;
  • 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.


Information material

You can select one of the information documents below to find out more information on bonds;

 Title File Type
Bond Market in ATHEX, Do you know that...?

 


FAQs
Attached you will find Frequently Asked Questions about the Bonds on the Athens Stock Exchange.
 
 Title File Type
 Bonds on the Athens Stock Exchange - FAQ

 


Information

Click  here  to obtain information regarding trading on bonds listed on ATHEX.
Further, you can obtain information regarding trading on bonds listed on ATHEX in real time exclusively Data Vendors/Subvendors. To view the full list of Data Vendors/Subvendors click  here.

 

For more information, please contact the appropriate departement.

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