Debt capital markets – New SIX-Circular No. 4 and the listing of high yield bonds at SIX Swiss Exchange

The SIX Swiss Exchange (SIX) recently issued Circular No. 4. This new circular is a restatement of the Regulatory Board's practice on the listing of bonds. Circular No. 4 will be updated continually to reflect the Regulatory Board's applicable practice at any given time. This will enhance clarity and understanding of the practice of listing bonds at SIX. In substance, the restatement does not lead to material changes. In particular, the Regulatory Board's decision of July 2014 that paved the way for High Yield Bond (HYB) listings at SIX remains in effect and unchanged.