Finance your Future. Made in Germany.
Listing at Deutsche Börse
2
Agenda
Deutsche Börse at a Glance Germany – Ukraine: Strong Relations Why list at Deutsche Börse? IPO Process Corporate Bonds as an Alternative Financing Way
Finance your Future. Made in Germany.
3
The world‘s largest Stock Exchange Organization
Deutsche Börse at a glance
722 2,166
426 1,854
466 1,124
202 730
478 702
Finance your Future. Made in Germany.
Settlement CustodyClearingListing
ClearstreamEurex
ClearingEurexXETRA
Market Data & Analytics
Trading
Fully integrated business model
Sales revenue and net income (EBIT) 2010 (mEUR) Facts: Deutsche Börse AG
Market Capitalization EUR > 10 billion and highest profitability
Fully integrated business model: Listing, Trading, Clearing, Settlement, Custody
Issuers from over 70 countries
Powerful and best-in-class trading system XETRA
Global network
4
Facts and Figures 2010
2010 2009Change in
%
Sales revenue € m 2,106.3 2,061.7 2
Earning before interest and tax (EBIT) € m 637.8 527.8 17
Cash flow from operating activities € m 943.9 801.5 18
Xetra
Number of transactions m 189.4 167.3 13
Trading volume (single counted) € bn 61.4 60.0 2
Eurex
Number of contracts m 2,642.1 2,647.4 0
Clearstream
Value of securities deposited (annual average) € bn 10,897 10,346 6
Number of transactions m 116.4 102 16
Source: Deutsche Börse AG: Annual Report 2010, March 2011
Deutsche Börse at a glance Finance your Future. Made in Germany.
5
All European financial centers are linked to Deutsche Börse
Over 247 admitted international trading institutions (114 in Germany, 133 in foreign countries) – more than 4,600 tradersin 18 countries interlinked via XETRA platform
Direct access to investors representing 35% of the global institutional capital
Main institutional investors with Ukrainian investments are active on Deutsche Börse
Comgest SA DWS Investment ING Investment Management Aviva Investors Allianz Global Investors JPMorgan Asset Management Capital Research Global Investors Union Investment Privatfonds Deka Investment Mackenzie Cundill Investment
Pooling Liquidity at the Heart of Europe
Deutsche Börse at a glance Finance your Future. Made in Germany.
Companies have direct access to the widest pool of investors
Spain Italy
Luxembourg
Ireland UK
Sweden
Greece
Netherlands Germany 114
Hungary
France
Belgium
Gibraltar
Switzerland
Czech Republic Austria
Cyprus UAE
Source: FactSet, August 2011
Investor Nationality in Resent German IPOs
Strong Presence of UK and US Investors
RoW
21%
UK
52%
US
23%
Local
4%
4,4 Bn. € 3x с Oversubscribed
UK
48%
US
23%
Local
2%
RoW
27%
759 Mio. €2x Oversubscribed
912 Mio. €2x Oversubscribed
UK
54%
Germany
24%
US 13%
RoW 9%UK
26%
Local
16%
US
27%
RoW
31%
1,2 Bn. €19x Oversubscribed
Access to High Profile German and International Investors
Top 10 Investors
371 Mio. €3x Oversubscribed
US
34%
UK
34%
Local
9%
RoW
23%
Key German Investors Top 10 Largest International Investors in Germany
Equity AuM ($ MM)
Investor Name Global Germany Inv. Style Country
DWS Investment 75.8 24.8 GARP Germany
Allianz Global Investors 54.8 20.8 GARP Germany
Union Investment Group 42.0 14.7 Core Growth Germany
Deka Investment 26.6 11.1 Core Growth Germany
LBB-Invest 9.8 6.6 Core Growth Germany
HSBC Global Asset Mgmt Deutschland 6.5 4.9 Core Value Germany
Frankfurt-Trust Investment 6.6 3.5 Core Growth Germany
Universal-Investment-Gesellschaft 12.5 3.3 Core Growth Germany
Pioneer Investments 6.6 3.0 Core Growth Germany
Deutsche Asset Mgmt Investmentges. 9.6 2.7 Core Growth Germany
Equity AuM ($ MM)
Investor Name Global Germany Inv. Style Country
Norges Bank Investment Mgmt (NBIM) 317.6 18.7 Core Value Norway
Fidelity Management & Research 615.1 8.5 GARP US
Capital Research Global Investors 369.7 7.7 Core Value US
Fidelity International 116.8 7.6 Core Growth England
Natixis Asset Management 62.2 5.1 Core Value France
Capital World Investors 410.6 4.8 Core Value US
MFS Investment Management 140.5 3.9 Core Growth US
BlackRock Investment Mgmt (UK) 163.3 3.9 Growth England
Amundi Asset Management 67.9 3.5 GARP France
Dodge & Cox 124.3 3.4 Deep Value US
Strong Presence of International Investors in Germany
Source: Morgan Stanley, May 2011 6
Finance your Future. Made in Germany.Deutsche Börse at a glance
7
Germany – a powerful catalyst for your businessin the center of Europe
Europe's largest economy with the largest consumer market facilitates a position within EU sales markets
No. 2 Export nation worldwide Strategic and large M&A potential to acquire
technology and new customers/market shares Creation of Euro acquisition currency for strategic
M&A Activities Close connection to German and European
customers and Technology – Made in Germany
Finance your Future. Made in Germany.
GDP Growth 2010in percent
Population 2010in million
Your Access to Euro Region and Stable German Economy
Deutsche Börse at a glance
Germany – Ukraine: Strong Relations
9
Germany is one of the most important trade and investment partners of Ukraine;
Ukrainian export volume to Germany is still quite low
German direct investments: about $ 7 billion (only Cyprus invest more)
Trading volume between Germany and Ukraine in 2010 – more than € 6 billion
The main Ukrainian export goods to Germany are textiles and clothing, metals / alloys, iron and chemical products, vehicles
German companies in Ukraine: ca. 250 German business representatives, ca. 620 German firms and Joint-Ventures, ca. 330 subsidiaries
All in all more than 1.200 Ukrainian companies with German equity (capital participation)
The most important sectors for investment: retail, finance
and banking, construction, logistics and automotive industry
German-Ukrainian Economic Relations
Finance your Future. Made in Germany.
Source: Federal Foreign Office, August 2011
Germany – Ukraine: Strong Relations
10
Economy
Areas with huge investment needs
Expected economic growth Looking for new distribution channels Free-trade agreement with the EU is expected to be
signed in 2011 European football championship 2012 evolves
economy
Agricultural production and agricultural infrastructure Retail Banking sector
Germany – Ukraine: Strong Relations Finance your Future. Made in Germany.
Growing opportunities for international investors in Ukraine
Investment Climate in Ukraine
Current Situation: Credits become more expensive and difficult to get but companies are looking for capital
11
National exchanges: PFTS and UX
- currently used as a source of capital raising only by few companies
not well-established for Ukrainian companies to raise capital
London stock exchange:
- in the past was mostly used by blue chips
- separated Russia & CIS-Segment (IOB)
only for Ukrainian bluechips, otherwise companies get lost in Russian and Ukrainian bluechip-universe
Warsaw stock exchange:
- since few years an attractive place for small and mid-sized Ukrainian companies
- Ukraine as a second country focus
How long will the liquidity of Polish pension funds sustain?
Strong focusing on pension funds as the biggest group of investors
Opportunities for Investors in Ukrainian Companies Stock exchanges
Finance your Future. Made in Germany.Germany – Ukraine: Strong Relations
Are there any Ukrainian companies at Deutsche Börse?
12
Finance your Future. Made in Germany.
All Ukrainian companies on Deutsche Börse are only introduced and traded in First Quotation Board (Open Market) – the segment with the minimal transparency requirements and no ongoing requirements => means easy and quick access for companies but not a really beneficial position for getting relevant investors:
Absence of ongoing transparency requirements doesn’t meet institutional investors’ needsNo index participation and a large pool of nearly 8.000 securities is not clearly arranged for investorsOften insufficient coverage of companies
Germany – Ukraine: Strong Relations
Opportunities for Ukrainian Companies at Deutsche Börse 21 Ukrainian companies traded on Deutsche Börse
DR’s of Ukrainian companies are traded, without using Deutsche Börse as a listing revenue to position themselves in the international capital market!
IPOWhy list at Deutsche Börse?
14
Why list at Deutsche Börse? Finance your Future. Made in Germany.
Finance your Future. Made in Germany
Benefit from a higher valuation among strong and world class peers
Gain reputation alongside renowned global brands and market leaders
Get access to the Euro region as well as a stable economic and regulatory environment
Be traded at the largest and most liquid capital market for small andmid cap companies
15
Tailored Market Segments
Established Companieswith focus on internationalInvestors (esp. US investors)
Entry-level segment for small- and mid Cap as well as high-growth companies
Companies with focus onGerman Investors
+ Respective corporate filings+ Annual and interim report nat. GAAP or IFRS+ Corporate Calendar online+ Corporate Profile online
Minimum Requirements defined by EU-Law: Insider Trading Rules Market Abuse Rules Takeover Rules
+ Quarterly Reports+ English Language+ Corporate Calendar + Analyst Conference
Reg
ulat
ed U
noffi
cial
M
arke
tR
egul
ated
Mar
ket
Minimum transparency defined by EU-Law: Annual and interim report based on IFRS Disclosure of Director‘s Dealings and Ad-hoc
Disclosure Shareholder Stake and Takeover Reporting
Incr
eas
ing
Tra
nspa
renc
y
Overview market segments and target companies
Finance your Future. Made in Germany.Why list at Deutsche Börse?
Additional transparency defined by exchange
Additional transparency defined by exchange
Reporting Obligations for Issuers from Non-EU Countries
1 Depending on a by-case basis by the BaFIN 2 Filing interim management statements for a period between ten weeks after the beginning and six weeks before the end of the relevant six- month period.
Shares
DRs
Shares
DRs
Shares
DRs
Shares
DRs
10 weeks before ending and 6 weeks before the end2 (§37x WpHG)
No regulation within the WpHG
Not required
Not required
2 months after the end of the financial period (§37w WpHG)
No regulation within the WpHG
4 months after the end of the financial period (§37v WpHG)
6 months exemptions possible for issuers from non-EU countries by BaFin1 (§37z WpHG)
General Standard
2 months after the end of the financial period (§66(5) BörsO)
3 months for shares that are represented by certain certificates (§66(5) BörsO)
Quarterly financial report
Not required
Not required
Management interim statements
2 months after the end of the financial period (§66(5) BörsO)
3 months for shares that are represented by certain certificates (§66(5) BörsO)
Half yearly financial report
4 months after the end of the financial period (§65(2) BörsO)
6 months exemptions possible for issuers from non-EU countries by BaFin1 (§65 BörsO)
Annual financial report
Prime Standard
Enhanced reporting periods for DRs address country specific demands
Continuous financial reporting fits investors’ needs
Finance your Future. Made in Germany.
16
Why list at Deutsche Börse?
Enhancing Visibility by Indices: DAX Index FamilyHigh Visibility and Investor Awareness
18 D
AX
sect
or
Prime Standard
9 D
AX
supe
rsec
tor
63 D
AX
subs
ecto
r
63 D
AX
subs
ecto
r A
ll
18 D
AX
sect
or
All
Sector Indices
√ √ √ √
√
√
√
√
√
General Standard
Entry Standard
Indices help to raise investor awareness and visibility in your peer group. Within these segments your company is at least in three indices.
DA
X I
nt.
100
DA
X I
nt.
Mid
10
0
Selection Indices
√
√ √
√
Why list at Deutsche Börse? Finance your Future. Made in Germany.
17
Prim
e S
tand
ard
All
Sha
re
Gen
eral
Sta
ndar
d A
ll S
hare
Ent
ry S
tand
ard
All
Sha
re
All Share Indices
√
√√
Deutsche Börse: Europe's No 1 in Turnover Velocity
Recognized by institutional investors as the most efficient trading network Over 1,400,000 trades per day on XETRA®
No. 1
No. 2
No. 3-5
Deutsche Börse
Euronext Honk KongSE
15.9 9.916.6TradesMonthly average number of trades per companyMay – Oct. 11 (thousand)
148.5 59.7116.2Turnover Monthly average turnover per company May. – Oct. 11 (million €)
LSE
7.3
60.0
WarsawSE
1.8
7.7
114% 59%70%Turnover Velocity
Turnover/ Market CapOctober 201162% 48%
Unsurpassed Liquidity
Source: World Federation of Exchanges, November 2011
Deutsche Börse runs the most active capital market with competitive pricing and the highest degree of liquidity
Why list at Deutsche Börse? Finance your Future. Made in Germany.
18
IPO Process
20
Selection of advisors, e.g. Deutsche Börse Listing Partner
Selection of investment bank
Establishing legal preconditions within the company
Establishing controlling and reporting preconditions
Determination of a business plan
Fast Listing: IPO Process Structure
Phase 1:Planning andPreparation
Phase 2:Structuring
Phase 3:Realization andMarketing
Phase 4:1st Trading daySecondary Market
Determination of a time table
Planning of the conception of the public offering
Financial, business and legal due diligence
Preparation of the EU-security prospectus
Preparation of investor relations activities
Pre-marketing with investors and analysts
Provide and publish EU-security prospectus
Prepare und publish research coverage
Application for admission of shares to trading
Book building and pricing of IPO
First price auction IPO event and
media coverage on the floor of Frankfurt Stock Exchange
Trading on the electronic system XETRA
Finance your Future. Made in Germany.Deutsche Börse – IPO-Process
21
Initial consultation with Deutsche Börse
Establishing of the IBO project team within the company
Selection of advisors (for example Deutsche Börse Listing Partner)
Offering process
Phase 1:Planning and Preparation
Phase 2:Structuring
Phase 3:Realization andMarketing
Phase 4:Placement andSecondary Market
Determination of time table
Bonds structuring Development of
marketing concept Preparation of the
EU security prospectus
Publishing of the EU security prospectus
Rating Application for
addmission of securities
Investor roadshows
Book building phase
Possibility to order over the platform of Deutsche Börse, distribution by the company itself possible
Initial price auction Continuous trading
on the Xetra platform
Finance your Future Made in Germany.
4 phases describe the process of an IBO (Initial Bond Offering)
Prime Standard and Entry Standard for Сorporate Bonds
Time Schedule: IPO in Entry Standard (Open Market)
Publication of preliminary prospectus
Pla
nn
ing
&
Pre
pa
ratio
nS
tru
ctu
ring
Re
aliz
atio
n &
Ma
rke
ting
1st
D
ay
of
Tra
din
g
Month 1
Kick-off
Selection of Advisors
Selection of Investment Bank
Month 2
Due Diligence (2-4 Weeks)Determination of Prospectus
Month 3 Month 4
English Translation (2 Weeks)
AnalystPresentation Premarketing
Preparation Research (2-3 Weeks)
Publication Research
Approval of Prospectus by BaFin (max. 20 days)
Print Prospectus
Bookbuilding
Allocation//Pricing
First day of trading
Fast Listing Process and Time to Market
Finance your Future. Made in Germany.Deutsche Börse – IPO Process
22
Time Schedule: IPO in Prime Standard or General StandardFast Listing Process and Time to Market
Publication of pre-liminary prospectus
Pla
nn
ing
&
Pre
pa
ratio
nS
tru
ctu
ring
Re
aliz
atio
n &
Ma
rke
ting
1st
D
ay
of
Tra
din
g
Month 1
Kick-off
Selection of Advisors
Selection of Investment Bank
Month 2
Due Diligence (2-4 Weeks)Determination of Prospectus
Month 3 Month 4
English Translation (3 Weeks)
Preparation and Analyst Presentation
Premarketing
Preparation Research (2-3 Weeks)
Publication Research
Approval of Prospectus by BaFin (max. 20 days)
Print Prospectus
Bookbuilding
Allocation//Pricing
First day of trading
Month 5
Finance your Future. Made in Germany.Deutsche Börse – IPO Process
23
24
Prime Standard and Entry Standardfor Сorporate Bonds
25
Financing Options at Deutsche Börse
Prime Standard and Entry Standard for Сorporate Bonds
Equity Capital Debt Capital
Offering of Bonds (IBO) Target Groups: - listed and non-listed
international companies
- institutional and private investors
Market segment:
- Prime Standard
- Entry Standard
Finance your Future. Made in Germany.
Offering of Shares (IPO) Target Groups: - small and medium-sized, - established and growing
international companies
3 segments with different transparency levels:
- Prime Standard
- General Standard
- Entry Standard
Market segments - target groups
26
Entry Standard
Entry Standard
Prime Standard
Prime Standard
■ SME-Issuers with financing requirements < €100 Mio.■ Own issue as established placement process■ Target investors: retail, private wealth managers, family offices■ Admission requirements SME-friendly admission- and subsequent
obligations ■ Open Market
■ Issuers, who orient themselves to the customs of institutional bond emissions (EU-prospectus, covenants etc.)
■ Listed and non-listed companies■ Syndicate emissions as classical placement process (via pool of banks)■ Financing requirements > €100 Mio. ■ Target investors: institutional investors with retail offering■ Transparent secondary market ■ Regulated Market or Open Market
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany.
27
Innovative Financing Option for Your Company
Prime Standard and Entry Standard for Сorporate Bonds Finance your Future Made in Germany.
Advantages at a glance
… source of debt capital, independent from bank requirements
… temporary limited option to raise capital at a stock exchange
… no loss of voting right
… simple, quick and cost-effective access to the capital market
… clear formal requirements and follow-up obligations
… advantage of clearing in foreign currency
… trading on the high performance international trading platform Xetra
(„Designated Sponsor and Specialist model“)
… flexibility for issuers and bond structure: admission in Regulated or Open Market
Market structure
28
Regulated MarketRegulated Market Open MarketOpen Market
Prime Standard for BondsPrime Standard for Bonds
Approved EU prospectus (EU passport)Approved EU prospectus (EU passport)
Enhanced access to all kind investors via Regulated Market and less regulated entry for especially privately held issuers via Open Market
Public issuers Privately held issuers
Benchmark Bonds Financial Sponsored Bonds
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany.
29
Essential admission requirements
Entry Standard Prime Standard
Applicant = Trading participant of the FWB
Admission in the Open Market
Specific admission requirements
Approval of the issuer
Commitment of the applicant about the
compliance of the obligations
Audited annual financial report in accordance
with national GAAP or IFRS
6 key business figures for capital structure,
debt position and coverage obligations *
Applicant in the Open Market = trading participant of the FWB + issuer
Applicant in Regulated Market = issuer + accompanying bank
Listing via Open Market or admission to Regulated Market
Specific admission requirements
Approval of the issuer (only OM)
Commitment of the applicant (only OM)
Audited annual financial report in accordance with
national GAAP or IFRS
Extended key business figures (24), (no
exclusion)
Freefloat allocation quote for retail investors
(Ordersize <= 25.000 EUR) min. 10 %
Finance your Future. Made in Germany.Prime Standard and Entry Standard for Сorporate Bonds
* Not necessary if the company is already listed in the Regulated Market on FWB.
30
Entry Standard Prime Standard
Brief company profile with relevant information
on the corporate bonds (on issuer website)
Contract between the issuer and Deutsche
Börse Listing Partner
Approved security prospectus
Issuer Rating*
Up-to-date extract from the Commercial
Register
Articles of association of the issuer
Division of securities max. 1.000 €
Brief company profile with relevant
information on the corporate bonds and all
information about covenants (on issuer
website)
Approved security prospectus
Issuer Rating*
Up-to-date extract from the Commercial
Register
Articles of association of the issuer
Division of securities 1.000 €
Min. issuing volume of 100 m €.
(If issuing volume is lower group turnover has
to be min. 300 m € in the year
before the issue
Essential admission requirements
Finance your Future. Made in Germany.Prime Standard and Entry Standard for Сorporate Bonds
* Not necessary if the company is already listed in the Regulated Market on FWB.
31
Follow-up obligations for applicants
Entry Standard Prime Standard
Applicant has to monitor, effect and inform about following facts concerning the issuer:
Annual and half-year report
Fast disclosure of relevant info on the issuer website
Publication of a current corporate auction timetable and a factsheet to the corporate bonds (with information about interest loan, interest and back-payment, etc.)
Applicant has to monitor, effect and inform about following facts concerning the issuer:
Annual and half year financial statement and interim report (in accordance with IFRS in Regulated Market, national GAAP – in Open Market)
Fast disclosure of relevant info via Corporate News Feed or Ad hoc disclosure on the issuer website
Publication of a current corporate auction timetable and a factsheet to the corporate bonds (with information about covenants, interest loan, interest and back-payment, etc.)
Finance your Future Made in Germany.Prime Standard and Entry Standard for Corporate Bonds
32
Entry Standard Prime Standard
Publication of a current corporate action timetable
Publication of annual follow-up rating*
Publication of 6 key business figures (with information about coverage obligations, debt position and capital structure)*
Publication of a current corporate action timetable
Publication of annual follow-up rating*
Publication of extended key business figures (24) , no exclusion
1 (Kredit-) analyst conference each year
Finance your Future. Made in Germany.Prime Standard and Entry Standard for Corporate Bonds
Follow-up obligations for issuers
* Not necessary if the company is already listed in the Regulated Market on FWB.
Financial Figures Entry Standard
33
Key business figures about coverage obligations
EBIT Interest Coverage
EBITDA Interest Coverage
Key business figures about debt position
Total Debt / EBITDA
Total Net Debt / EBITDA
Key business figures about сapital structure
Risk Bearing Capital
Total Debt / Capital
Prime Standard and Entry Standard for Corporate Bonds Finance your Future. Made in Germany.
34
In addition to the financial figures of Entry Standard there are those specified for Prime Standard:
EBITDA (Earnings before interest, tax, depreciation and amortisation)EBIT (Earnings before interest, tax)Total revenuesTotal interest payments (Gross amount, not net interest!)Funds from operations (Net profit plus depreciation and amortisation plus deferred income tax)Operating cash flow (Funds from operation plus change in working capital)Operating cash flow last 5 yearsCapitalization (Short and long term borrowings plus shareholders equity)Net debt (Short and long term interest bearing liabilities minus cash & cash equivalents)Free cash flow to Bondholder (Operating cash flow – Capex – Investments – Acquisitions – Dividends = Free cash flow)Free cash flow (Operating cash flow minus capex minus dividends)Total debt (Short and long term interest bearing liabilities)Total debt sorted by maturity, by subordination level, by instrument typeOff balance sheet exposures Retained earningsTotal debt to EBITDA in timesFunds from operations to total debt in percentageFunds from operations to net debt in percentage
Financial Figures Prime Level
Finance your Future. Made in Germany.Prime Standard and Entry Standard for Corporate Bonds
35
Rolls and Tasks in Book Building ProcessThe role of the applicant, the specialist and the paying agent can be accomplished by the same company
Finance your Future. Made in Germany.
is a trading participant and applies for the admission of the securities in the Regulated Unofficial Market
applies at the same time for:
- the use of the book building tool and
- the admission in Entry Standard for Corporate Bonds
agrees with Deutsche Börse upon the use of the book building tool and the network of Deutsche Börse
denominates the specialist and the paying agent
Applicant
Specialist is responsible for the functional accomplishment of book building
has the essential technology and know-how available in order to accomplish the book building
is denominated by an applicant in the application for admission
Paying agent is responsible for the physical asset of security on initial value date
divests security from the issue under his own name on the account of the issuer
Get an easy access to sign the bond with the book building tool and the standardised communication channels of Deutsche Börse
Prime Standard and Entry Standard for Сorporate Bonds
36
Book building by using the network of trading participants and communication channels of Deutsche Börse
↓
Participant information
Possibility to use already existing range of book building functions (at first on XETRA platform)
Basic conditions for book building:
Finance your Future. Made in Germany.
Positioning
Bond draft
Subscription
Secondary Market
Allocation 1 Allocation 2 Allocation … Allocation n Trading
Positioning
Secondary Market
Variable trade of bonds on Xetra Frankfurt
The broker donates additional liquidity in order to increase the speed of accomplishment and to prevent partial
execution
No fee for transactions or broker‘s commission for trading participants supports liquidity
Clearing of transactions according to the initial value date
Book building phase lasts between min. 5 to max. 20 days
Book building happens by means of the input of sale order by particular bank
At least one allocation daily by means of price fixing by a broker according to the particular issue price (Fix price procedure)
Allocation occurs therefore according to the principle „First Come – First Served“; scale sellings can only be done for the last price fixing in allocation
A premature closing of book building in case of overstated book building of securities can be carried out earliest in a day
At first there are no parallel book buildings possible, the possibility is to be checked by an issuer according to particular demand
Prime Standard and Entry Standard for Сorporate Bonds
Overview of Recent German IBO Activities
Already 9 companies use Entry Standard for Corporate Bonds of Deutsche Börse for raising debt capital
Finance your Future. Made in Germany.
37
Prime Standard and Entry Standard for Corporate Bonds
Company Issue Date Issue Volume
(€ MM)Maturity (in years)
Coupon(in %)
Amictus/Eyemaxx 26-Jul-11 25 5 7.50
S.A.G. Solarstrom 11-Jul-11 25 6 7.50
MS Spaichingen 15-Jul-11 30 5 7.25
SIAG SCHAAF INDUSTRIE AG 12-Jul-11 50 5 9
KTG AGRAR AG 06-Jun-11 100 6 7.13
SeniVita Sozial 17-May-11 15 5 6.50
DIC ASSET AG 16-May-11 70 5 5.88
Golden Gate 11-Apr-11 30 3 6.50
A.G. Solarstrom 15-Dec-10 25 5 6.25
Source: Deutsche Börse AG, August 2011
38
Disclaimer
This presentation was prepared by Deutsche Börse AG. Any information contained herein has been obtained from company and external sources believed to be reliable, but not guaranteed as to its accuracy or completeness. All proprietary rights and interest in this presentation shall be vested in Deutsche Börse AG and all other rights including, but without limitation to patent, registered design, copyright, trade mark, service mark, connected with this presentation shall also be vested in Deutsche Börse AG. Whilst all reasonable care has been taken to ensure that the details contained in this presentation are accurate and not misleading at the time of presentation, no liability is accepted by Deutsche Börse AG for the use of information contained herein in any circumstances connected with actual trading or otherwise. Neither Deutsche Börse AG, nor its servants or agents, are responsible for any errors or omissions contained in this presentation which is published for general information only and shall not constitute an investment advice or an offer to sell or a solicitation to buy shares of Deutsche Börse AG. Neither Deutsche Börse AG, nor its servants or agents, are responsible for any errors or omissions contained in this presentation which is published for general information only and shall not constitute investment advice or an offer to sell or a solicitation to buy shares of Deutsche Börse AG or any other security traded on any marketplace in the Deutsche Börse Group. The marketplaces of Deutsche Börse AG reserve the right to modify any of their rules or product specifications
Finance your Future. Made in Germany.
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