Scale for corporate bonds

Scale for corporate bondsSourcing outside capital for small and medium-sized companies (SME)

Scale for corporate bonds, Deutsche Börse’s segment for small and medium-sized enterprises (SMEs), offers an efficient opportunity to raise debt capital through the exchange.
Deutsche Börse's services support you with the sourcing of outside capital through the exchange: Deutsche Börse Capital Market Partners assist in preparing for the major step of entering the capital market and provide competent ongoing support and through the subscription functionality DirectPlace you are able to reach retail investors, family offices and asset managers.

The listing of corporate bonds creates strategic room for growth and innovation and increases your company’s public profile significantly.

Relevant target groups for Scale

  • German and European small and medium-sized companies (SME)
  • Companies, seeking capital for growth
  • No sector or industry specification
 

Scale is a segment of the Open Market approved by Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange). The admission criteria and follow-up duties are to be found in the General Terms and Conditions of Deutsche Börse AG for Participation in the Open Market for corporate bonds.

Our Services

Capital Market Partner

Capital Market Partner

Knowledgeable specialists support you in all kind of capital market-related questions. They offer you professional support for your listing of equities and corporate bonds.

DirectPlace

DirectPlace

Increase your placement reach and benefit from a balanced mix of investors. We support your placement with our subscription functionality DirectPlace.

 

Marketing

Marketing

Deutsche Börse enhances your external com- munication on its web portals:

 

Overview of content

Key admission conditions

  • Valid and approved prospectus
  • Company history of at least 2 years
  • Placed volume of at least € 20 million
  • Denomination of the bond in partial bonds of € 1,000 million
  • Company or bond rating

Admission is in response to an application by the issuer of the securities together with an Applying Deutsche Börse Capital Market Partner (bank or financial service institution). With its application, the co-applicant vouches for the completeness and accuracy of the statements made in the application and for the completeness of the documents submitted. The admission of securities to Scale constitutes a contractual legal relationship between Deutsche Börse AG and the issuer.

Admissible types of securities are bearer bonds that are not subordinated liabilities floated by the issuer. The securities must be deliverable through Clearstream®.

Since the introduction of the E-Listing in the Open Market, applications for admission can only be made in electronic form. Thanks to the advantages of digital communication both filing and processing the application take less time.

Alongside the approved prospectus, the following documents shall also be included with the application:

  • Excerpt from the commercial register
  • Articles of incorporation
  • Annual financial statements of the last two years (last one audited)
  • Contract with supporting Deutsche Börse Capital Market Partner
  • Company profile
  • Corporate calendar

Fulfillment of at least three of the following criteria:

  • EBIT Interest Coverage of at least 1.5
  • EBITDA Interest Coverage of at least 2.5
  • Total Debt / EBITDA of maximum 7.5
  • Total Net Debt / EBITDA of maximum 5
  • Risk Bearing Capital of at least 0.20
  • Total Debt / Capital of maximum 0.85