Admiral Markets offers bondholders an exit before planned Tallinn delisting

Admiral Markets AS’s additional buyback, announced on 6 October 2026, is open from 8 October until 16:00 Estonian time on 29 October. Holders of its 2017 subordinated bonds, ISIN EE3300111251, are offered €103.78 each before the planned end of Nasdaq Tallinn trading.[1]

The amount comprises €100 principal, €2.78 accrued interest and a €1 premium. Only the last component is an extra payment above principal and earned interest.[1]

The remaining issue is small

The latest dated volume notice, published on 11 August, reports 6,254 bonds and €625,400 nominal outstanding after July repurchases removed 2,222 bonds. That makes this a residual issue being wound down, rather than a new financing exercise. The figure describes the position at 22 July; the current offer’s eventual take-up has yet to be reported.[3]

The issuer’s half-year report supplies the corporate context. Admiral Markets AS ended direct client relationships in January and, after voluntary withdrawal of its Estonian investment-firm licence effective 28 April, continued solely as an intra-group liquidity provider. Former clients were offered service through Admirals Europe Ltd. The report recorded a €2.6 million first-half net loss, compared with €3.5 million a year earlier.[4]

Participation requires a custody instruction

Investors must submit an off-exchange sell order through their securities custodian; it counts as submitted when Nasdaq CSD receives it correctly completed. Only whole, unencumbered bonds qualify. Securities are blocked, and investors bear submission, amendment or cancellation fees. Orders can be changed or cancelled until the deadline; submission alone does not create a binding repurchase agreement.[1]

The issuer’s indicative timetable places results around 30 October, settlement around 2 November and termination of trading on 3 November or the first possible trading day after settlement.[1]

Nasdaq’s decision separately requires direct notice to each holder and publication of results after settlement. It identifies the first possible trading day after settlement as the last trading day and says the exchange will announce the delisting date separately. Its final notice therefore governs the exchange timetable; the issuer’s dates remain indicative.[2]

Delisting and repayment are different events

The original bond terms set an 8% annual coupon, paid semi-annually, and maturity on 28 December 2027. They also establish an unsecured, subordinated claim: ordinary recognised creditors rank ahead of these holders. Delisting removes the exchange trading route; it does not, by itself, bring the contractual maturity forward or extinguish an unsold bond.[5]

That leaves a practical trade-off for a holder who does not sell. The contractual claim continues, while finding a buyer becomes a separate task. The prospectus already states that the issuer does not guarantee secondary-market liquidity. Comparing the offer with continued ownership therefore involves both future contractual payments and the ability to exit, alongside the creditworthiness of this specific legal issuer.[5]

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