Listing debt securities on the New York Stock Exchange
Produced in partnership with Ranajoy Basu, Erika Kolb and Liz Taraila of Reed Smith
Listing debt securities on the New York Stock Exchange

The following Banking & Finance guidance note Produced in partnership with Ranajoy Basu, Erika Kolb and Liz Taraila of Reed Smith provides comprehensive and up to date legal information covering:

  • Listing debt securities on the New York Stock Exchange
  • Reasons for listing debt securities
  • Listing rules
  • Registration with the Securities and Exchange Commission
  • Section 4(a)(2)
  • Regulation S
  • Section 3(a)(2)
  • Eligibility for listing
  • Previous equity securities listed
  • New debt securities
  • more

The New York Stock Exchange (the NYSE or the 'Exchange') is the largest stock exchange in the world and is located in New York City.

Reasons for listing debt securities

Listing is usually carried out to gain access to a wider group of investors.

Many investors have investment criteria stipulating that they will only invest in listed securities. This gives investors a degree of comfort regarding disclosure and continuing obligations. The resulting higher status and greater liquidity of listed securities enables the investors to exit their positions more easily if necessary.

Listing rules

The NYSE Listed Company Manual sets out the policies, practices and procedures for listing on the NYSE for domestic and non-US companies and for listing equity and debt securities.

In order to qualify for listing a debt security, a company must comply with specified minimum requirements set out in the Listed Company Manual (see Section 1), together with any additional criteria which the NYSE may, on a case-specific basis, require. Under Rule 100.01, the NYSE has discretion as to the additional criteria that they can request.

Some of the rules relating to listing debt securities include:

  1. 102.03 (Minimum Numerical Standards—Domestic Companies—Debt Listings)—this rule provides the minimum aggregate market value a debt issue needs to have and the conditions a debt security must meet

  2. 703.06 (Debt Securities Offerings Listings Process)—Rule