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

• World-class listings platform

• 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 

• BSX listed securities are not subject to UK and EU Market Abuse Regulations (MAR)

• Uniquely positioned

• Competitive fees

• Experienced team 

• 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)

• Debt Listing Application Form

• Listing document (e.g. offering memorandum/prospectus or other document(s)), BSX wrapper if applicable

• Financial information (audited financial statements if available)

• Debt Disclosure Checklist referencing disclosures made in the listing document

• Certified identification for the issuer(s) - certificate of incorporation and constitutional documents

• Certified identification for Directors as required

• Executed trust deed, indenture or other loan agreement constituting the debt securities

• Minutes evidencing approval of the securities (if not covered in the listing document)

• Relevant contracts (if not covered in the listing document)

 

Fees (all fees quoted in US$)

Listing Fee Schedule

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.

 

Listing Debt on the BSX Brochure

 

Regulations and Guidelines

• Debt Listing Regulations

• Guidelines to the Debt Listing Regulations 

 

Forms

• Debt Listing Application Form

• Debt Disclosure Checklist

• Form of Suitability Declaration for a "Qualified Investor" (Note:  BSX recognises equivalent standard from other jurisdictions)

• Directors Declaration and Undertaking Form (for debt securities open to the public only)

 

Templates

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

• Company Announcement Template - General 

• Delisting of a Security

• Early Redemption of a Security

• Partial Redemption of a Security

• Director Appointment and Resignation - Email/Cover Letter and Announcement (for debt securities open to the public only)

• Director Appointment - Email/Cover Letter and Announcement (for debt securities open to the public only)

• Director Resignation - Email/Cover Letter and Announcement (for debt securities open to the public only)