Issuers of debt securities (including all convertible, exchangeable or redeemable bonds) are charged an admission fee based on the size and maturity of a stand-alone issue. The total fee is made up of two elements:
The total admission costs incurred in a stand-alone debt issue may therefore not exceed €17,500.
Example: A 5.5 year bond with a nominal value of €210 million will be charged accordingly: (9 X €125) + (6 X €500) = €4,125
Step-up bonds, or securities that pay an initial coupon for the first period and then a higher coupon rate for subsequent periods, are charged according to the expected or final maturity date.
For debt securities fungible with securities already listed, the admission fee is reduced by 50%.
In the case of multiple tranches, the admission fee applies to each tranche.
In the event a debt issue is multi-listed on several NYSE Euronext market locations in Europe, each market will charge an equal amount but the total cost incurred by the issuer will be the same as if the issuer listed in only one market.
Bonds issued with warrants attached are charged based on the fee schedule above, the warrants are charged separately according to a different schedule (see Stock Warrants).
Admission Fees for Issuance Programs
Issues listed as part of a program are subject to specific fees, as follows:
Fixed listing fee:
The maximum variable admission fee charged for a program may not exceed €16,000 for an initial fee and €12,000 for additional issues.
There is no annual fee for straight bonds unless a specific fee is prescribed by a notice published by NYSE Euronext. Equity-linked instruments such as convertibles and warrants are considered secondary lines and charged a flat fee of €2,500 per year.