Scale for corporate bonds

Scale for corporate bondsDebt financing via Deutsche Börse's SME Growth Market

Scale for corporate bonds, Deutsche Börse’s segment for small and medium-sized enterprises (SMEs), offers an efficient opportunity to raise debt capital on an SME Growth Market.

Deutsche Börse's services support you in debt capital finance via the stock exchange: Deutsche Börse Capital Market Partners help you to prepare the step of going public and offer competent ongoing support while being public. Research Reports commissioned by Deutsche Börse ensure transparency and comparability and the special subscription functionality DirectPlace enables you to reach family offices, asset managers and retail investors.

A stock exchange listing creates financial scope for growth and innovation and increases the public awareness of your company.

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 admitted to trading on the Frankfurt Stock Exchange (FWB®). The requirements and follow-up obligations are set out in the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market of the Frankfurt Stock Exchange. 

Our Services

Capital Market Partner

Capital Market Partner

Network of best experts advising you in preparation for listing and giving support with being public.
 

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