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• Issues in Ramses

Issues in Ramses

In the Ramses system it is possible to issue both:

• zero-coupon instruments that mature in less than one year and
• bonds that mature in more than one year

Zero- coupon instruments
Zero- coupon instruments which can be processed in the system consist of

• certificates of deposit
• commercial papers
• treasury bills and municipality papers

As the name suggests no interest is paid for zero-coupon issues. The issue is sold at a heavy discount to its face value and matures at its face value.

Bonds
The bonds may be bullet type and coupons may have a fixed or floating rate. Floating rate coupons may be based on, for example

• the stock index
• reference rate
• financial performance of a company

Though cash management related to clearing is always in euros, it is also possible to issue bonds or zero-coupon instruments in currencies not belonging to the European monetary union, for example US dollars. Also repayments in foreign currencies can be administered through our systems.

The issue process in Ramses-system varies depending on the instrument in question. Bonds need a permit for each issue. Zero-coupon instruments can be issued by so-called continuous issuing permit or issued individually per application.

Becoming an issuer
The issuer must be approved in accordance with the Rules of Euroclear Finland. The issuer must enter into a written agreement to cover handling of securities, opening accounts and following the rules and regulations of Euroclear Finland.
The issuer or its issue administrator shall contact us in good time before the first, planned issue date. You may verify he contents of the application from the Decision of Managing Director (3.1.).

Application for issuing bonds
The issuer must choose an issue administrator, which is a clearing party (and account operator) in Ramses-system. The issue administrator takes care of the practical functions of the issue, which can be related to delivery of the application and terms of issue to us, entering information on the issue and primary market transactions into system and managing yield payments. Each issue requires a separate application. 
 
Application for continuously issue zero-coupon instruments
For the issues of zero-coupon instruments, the permit issuers normally apply for is a continuous. This way the issuer can issue new instruments or increase the issued amount of existing instruments without separate application. When issuing zero-coupon instruments, there is no obligation to announce prospectus like issuing bonds to the public.

Due to DvP -principle, registrations related to the issues are made in real-time. Issuer will have the funds in its possession the moment issue settles and the book-entries are final on the book-entry accounts. This DvP-principle also increases liquidity. 
 
Yield payment and redemption services
Yield is also paid in Ramses-system. Issuer will receive protection of payment after paying the instalment, yield, or the amount of redemption to Euroclear Finland. Money is transferred automatically to the investors' account operators who then deliver the payment to the investors' bank accounts.