Wholesale bonds

Debt instruments, for example wholesale bonds, can be issued in Euroclear Finland's money market system Ramses. The Ramses system comprises integrated depository and clearing systems. This is beneficial to issuers because, among other things, new instruments can be issued in real time and issuance is cost effective.

Other bonds and zero-coupon instruments can also be issued within the system. This means:
• depository receipts
• commercial papers
• treasury bills and municipal papers

Money market versus equity market
Debt instruments can also be issued in our equity market system. These so-called retail bonds differ from issues in the Ramses system in the small (unit) size of the issue and in being targeted to private investors. Bonds issued for wholesale market, with clearing lot size normally much greater than in equity market, are cleared and deposited in the Ramses system.

Debt instruments in physical form can also be transferred into both systems by converting bonds already issued into book-entry securities. It should be noted that convertible bonds cannot be issued in the Ramses system.

Currencies of issues
Issues in the Ramses system can be nominated in currencies other than the euro.
• CHF (Swiss franc)
• DKK (Danish krona)
• GBP (British pound)
• JPY (Japanese yen)
• NOK (Norwegian krona)
• SEK (Swedish krona)
• USD (US dollar)

Real time issuing
Transactions such as trades are executed in the Ramses system in real time. Deliveries to investors are settled against payment as the issuer receives the funds immediately without having to wait for execution of batch runs.
Money transfers related to maturities, amortisation or yield payments are also executed in the Ramses system automatically and in real time. 


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