The Bermuda Stock Exchange (BSX) offers global and domestic debt issuers a pragmatic, solutions-focused approach to listing from a unique position between Europe and the Americas.

 

Why List on the BSX

• Globally accredited Exchange

• Recognised by HMRC and Irish Revenue under the "quoted Eurobond withholding tax exemption" allowing listed issuers to pay interest without deduction of withholding tax

• Competitive fees

• Experienced team 

• Flexible approach

• Guaranteed timelines

 

How to List

• Appoint a listing sponsor from the list of approved sponsors who will guide you through the listing process

• Compile and submit key listing documents (may be in draft form)

• The BSX will review the application and if deemed fit and proper, provide approval in principle

• Submit final documents to BSX

• Approval and admission to listing

 

Key Listing Documents (see listing regulations for more details)

• Letter of application

• Offering/prospectus document and BSX wrapper if applicable

• Constitutional documents

• Relevant financial information (audited accounts if available)

• Corporate resolutions

• Relevant contracts

• Directors' undertaking and KYC

• Issuer's undertaking

• Sponsor's undertaking

 

Fees (all fees quoted in US$)

Listing Fees for ILS from 1 April 2024

Fee calculator for ILS, Debt and CLOs (including discount option)

 

International Debt 

		INITIAL LISTING FEE	ANNUAL LISTING FEE
Listing Fee	Stand-alone note	$3,000	$1,500
	Programme	$3,000	$1,500
	Each programme class/note	$600	$660
Account service fee*			$300
Premium application fee*		$1,500

 

• Comprehensive listing Fee - $12,500 ^*

• 5% discount option for upfront payment to maturity date ^*

       *Please see Listing Fee Schedule for further information.

 

Domestic Debt

		INITIAL	ANNUAL
Listing Fee	Stand-alone note	$3,600	$4,500
	Programme	$3,600	$4,500
	Each programme class/note	$900	$990
Account service fee*		$300	$300

 

• 5% discount option for upfront payment to maturity date ^*

       *Please see Listing Fee Schedule for further information.

 

Regulations and Guidelines

• Guidelines to the Listing Regulations (replaces previous practice notes)

• Section I - All Issuers

• Section IIC - Domestic Issuers, Debt Securities

• Section IIIB - Listing Regulations - International Issuers, Debt Securities

 

Forms

• Directors Declaration and Undertaking Form

• Form of Suitability Declaration for a "Qualified Investor"

• Issuers Undertaking Form - Domestic and International Debt - Open to the Public

• Issuers Undertaking Form - Domestic and International Debt - Restricted Marketing

• Sponsors Declaration Form - IIC - Domestic Debt - Open to the Public

• Sponsors Declaration Form - IIC - Domestic Debt - Restricted Marketing

• Sponsors Declaration Form IIIB - International Debt - Open to the Public

• Sponsors Declaration Form IIIB - International Debt - Restricted Marketing

 

Templates

      The following templates are provided to assist issuers in making regulatory announcements

• Company Announcement Template - General 

• Director Appointment and Resignation Announcement and Associated Email/Cover Letter

• Director Appointment Announcement and Associated Email/Cover Letter

• Director Resignation Announcement and Associated Email/Cover Letter

• Delisting of a Security

• Early Redemption of a Security

• Partial Redemption of a Security