Public Offering

Resolution of the issuer’s Municipal Council or General Meeting concerning an issue of bonds. When applying for a rating of the issue (the procedure takes several weeks), the issuer should contact a rating agency and start discussions about the rating.

The brokerage house (which performs the obligations of the entity offering the bonds) and the advisors assist the preparation of relevant documents related to the issue process, including the information document.

The key document is the information document which specifies the terms and the purpose of the bond issue.

PFSA’s approval of the information document.

Upon the issuer’s request, the issue is registered in the Catalyst system, whereby the issuer is bound by reporting requirements. Not all authorised securities need to be traded on Catalyst.

Signing an agreement with the NDS, assigning an ISIN code to the series of bonds.

Signing an agreement which enables and regulates the rules for the sale of the bonds by the WSE in a public offering.

The process of the sale and allocation of the bonds by the WSE system in a public offering.

The issuer submits the application together with appendices.

The bonds are listed on Catalyst markets.