FAQ for investor

Do you have any finance-related questions about the Valyo platform? You will find all the answers here.

Please consult our FAQs or contact us directly.

Valyo AG, with its head office in Baden, was founded in 2019. A digital financial market platform focused on the Swiss bond market will be launched under the same name at www.valyo.com.

 

Valyo AG is an independent subsidiary of Raiffeisen Switzerland.

 

  1. Issuers and investors fill out the registration form on the platform.
  2. Valyo conducts an initial review of the applicant.
  3. Login details for the onboarding area are sent to the applicant, who is then able to download all of the necessary documents. 
  4. As soon as all the compulsory documents have been returned and verified by Valyo, we inform the applicant whether registration was successful.
  5. Upon request, we can arrange a personal introduction to the platform and the available features.

 

Valyo is generally able to carry out the onboarding process within a few days.  

 

Registration on the platform is free for issuers and investors. 

 

Yes, as long as they meet the conditions for registration and provide the necessary documents. Learn more about the requirements here. 

 

Registration involves entering the company data and an email address. This gives the client access to the onboarding area of the platform. Onboarding involves capturing the users,  determining the user roles and downloading and signing the contracts. After countersignature by Valyo, the onboarding is completed. After that, the customer can actively use the platform. 

No, there is no transaction obligation.

 

Valyo places great value on transparency. However, we do also take account of our clients’ needs. During the bookbuilding stage, issuers see the bids submitted by individual investors, including their names. Investors can see the bids in aggregate, but they cannot see other investors’ names.

 

In addition to the platform, Valyo also offers personal advice and support by financial market experts.

 

Yes, the issuance of Green Bonds is possible. In addition, experts from Raiffeisen Switzerland are available to provide advice.

Valyo can be used to issue and subscribe to bonds. Watch this space for exciting additional products which are in the pipeline.

 

Numerous well-known asset managers, banks, insurance companies and pension funds are already active users of the platform. Investors who are not yet on the platform can submit  their bids at short notice via Raiffeisen Switzerland.

Banks, insurance companies, pension funds and asset managers can invest in bonds via Valyo:

  • Companies listed on the SIX- Swiss authorities
  • Legal entities registered in the Swiss Commercial Register (AG, GmbH, Genossenschaft) with an annual turnover exceeding CHF 200 million.
  • Foreign subsidiaries as issuer of a company domiciled in Switzerland with corresponding legitimacy

With an issue via Valyo, all investors are informed in real time and simultaneously about new book openings and changes in the book.

In terms of content, the issuance process does not differ much from the process at traditional banks. But Valyo reduces the amount of time between allocation and settlement to a few days because the preliminary prospectus is created before the book is opened.

 

Investors do not pay any fees for using the platform. Issuers incur transaction-related platform fees as well as fees for the paying agent and listing on the exchange.  

At the moment, issues are possible in CHF.

Investors are informed about the opening of a book via various channels (email, SMS, Bloomberg) and can submit their bids on the platform and follow the development of the book. The relevant documents are generated electronically after pricing.
 

Valyo places great emphasis on data security and protection of the platform. More detailed information is provided in our privacy policy.  

 

The Valyo website and financial market platform is compatible with the current versions of the following browsers:

  • Chrome
  • Firefox
  • Edge

Glossary

Do you have any finance-related questions about the Valyo platform? You will find all the answers here.

Please consult our Glossary or contact us directly.

For Valyo, the all-in-fee consists of the platform fee as well as the SIX and paying agent fees. Any costs for the preparation of the prospectus by the partner law firms are excluded.

The issuer determines the final price for the bond and the issue amount after the end of the auction. If desired, he can adjust the coupon value. The allocation is implemented by the system based on the selected rule. The real-time mid-swap rate is displayed throughout the process as an aid to decision-making.

When issuing digitally on the Valyo platform, the issuer can choose between two predefined allocation rules before the book opening. The selection cannot be changed after the book opening and is implemented by the system during the allocation. In this way, investors have the guarantee that all offers are treated according to the same rules.

In the case of an issue, the investor can submit one or more offers. He determines the amount as well as the minimum spread and also has the possibility to specify restrictions for the automatic withdrawal of an offer.

As long as the book is open, the investor has the possibility to adjust or withdraw his offers at any time.

Companies with longer-term financing needs can issue new bonds or increase existing bonds via the Valyo platform in a digital end-to-end process.

Valyo is the first digital capital marketplace for the Swiss bond market.

Asset managers are one of Valyo's investor groups, along with insurance companies, pension funds and banks.

With a top-up, issuers can increase the volume of an already outstanding bond quickly and easily. On the Valyo platform, top-ups follow the simple and standardised transaction process of a new issue, but are already possible for significantly smaller volumes.

English term for "offer". See under "Offer".

The Valyo website and financial market platform is compatible with the current versions of the following browsers:

  • Chrome
  • Firefox
  • Edge

In live bookbuilding on the Valyo platform, issuers and investors are directly connected - without an intermediary. This proximity and transparency allows participants to react immediately to changes in the book. A fair price is determined by means of an auction.

Physical or electronic trading venue for securities such as shares and bonds (securities exchanges), currencies (foreign exchange exchanges) or certain commodities (commodity exchanges).

At Valyo, bring down due diligence takes place digitally before settlement.

With Valyo, the issuer can determine the time of the book opening himself. Bookbuilding starts with the opening of the book.

With Valyo, the issuer can determine the time of book closing himself.

The book simulator is used by the issuer during bookbuilding and allocation to simulate scenarios regarding volume and spread. It works in real time and provides the issuer with an up-to-date and transparent overview of the book at all times.

An issuer has the option to record a bond with a call date/early redemption date.

The Valyo website and financial market platform is compatible with the current versions of the following browsers:

  • Chrome
  • Firefox
  • Edge

The issuer enters transaction, book and documentation data and documentation data and opens the book independently at the desired time.

At Valyo, due diligence takes place digitally before the book is opened. In this way, investors receive confirmation that the content of the prospectus is true and up-to-date.

The issuer issues a bond on the Valyo platform in a fully digital end-to-end process. In this process, issuers and investors face each other directly.

Price at which a bond comes onto the market.

The issuer is the issuer of a bond. Institutions (companies, financial service providers, public corporations) with financing needs can cover these needs through Valyo by means of a new issue or the increase of an existing bond.

After allocation and pricing, the issuer prepares the final prospectus and uploads it to the Valyo platform. See also under "Prospectus".

With Valyo, (financial) intermediaries are not necessary, because the issuer and the investors face each other directly.

Abbreviation for International Security Identification Number. At Valyo, the ISIN is automatically generated when the book is opened.

Upon completion of the Transaction, Valyo shall procure that the Listing Agent shall proceed with the provisional and definitive listing of the Bonds.

Raiffeisen Switzerland is the listing agent for Valyo by default.

Period of time between the issue of a bond or similar until its redemption.

With Valyo, the issuer can choose between the reference interest rates Libor or Saron.

Our platform provides both issuers and investors with real-time market data to support deal setup, bookbuilding, pricing and allocation.

Reference interest rate for pricing bonds. Valyo obtains the mid-swap from Gottex.

The issuer carries out the issue of a new bond on the Valyo platform in a fully digital end-to-end process.

Onboarding takes place after registration and includes the registration of the users, the definition of the user roles as well as the downloading and signing of the contracts. After countersignature by Valyo, the onboarding is completed. Afterwards, the customer can actively use the platform. Upon request, a personal introduction to the platform and the available functionalities is carried out.

English term for "offer". See under "Offer".

Via Valyo, issuers and investors also come into direct contact with each other on the primary market and handle the issue entirely without an intermediary.

At Valyo, the prospectus is prepared before the book is opened ("preliminary prospectus"). Valyo works with external partners to support the preparation of the prospectus at attractive conditions. Our partners are renowned law firms and are therefore very familiar with the legal requirements arising from FIDLEG / FIDLEV and the review process by the FINMA-approved prospectus review bodies. The Valyo issuance process is of course FIDLEG-compliant.

Issuers have the option of entering their rating on the Valyo platform before opening a book using a selection list (Moody's, S&P, Fitch, fedafin, Swiss banks).

With Valyo, the issuer can choose between the reference interest rates Libor or Saron.

Issuers and investors register on the platform via an online form. In doing so, they enter the company data and an email address. This enables them to access the onboarding area after activation by Valyo.

For a bond, the yield is the sum of the mid-swap and the spread.

Investors can select restrictions when submitting their bids (optional).
1. automatic withdrawal of the offer if the yield of their bond falls below a certain percentage/value. 
2. automatic withdrawal of the offer if the total volume falls below CHF 100 million.

At the time of maturity, the entire bond amount is repaid in the amount of the nominal value.

The paying agent performs this task for Valyo. Depending on the terms and conditions of the bond, repayment may also take place before maturity and thus be handled by the issuer as an early redemption.

With Valyo, the issuer can choose between the reference interest rates Libor or Saron.

Only bonds for the primary market are issued via Valyo, but Raiffeisen Switzerland provides a secondary market for bonds issued via Valyo.

The paying agent handles and takes care of settlement, listing and payment instructions for coupon and redemption.

On the value date, the paying agent transfers the net proceeds to the account specified by the issuer. (Delivery versus payment (LGZ)/Delivery versus payment (DVP)).

After completion of the bring down due diligence, Valyo ensures that all further steps are carried out outside the platform.

Abbreviation for Swiss Exchange.

Digital issues via Valyo of CHF 20 million or more are listed on the SIX Swiss Exchange.

In the bond market, "spread" is usually understood to mean the credit spread, i.e. the credit risk premium which, added to the mid-swap, results in the yield of a bond.

A document containing the most important contractual terms.

The term sheet is available to investors at Valyo from the opening of the book.

If more securities are demanded for a subscription than have been issued, this is called an oversubscription. Oversubscription often occurs in the case of new issues.

In the event of an oversubscription, a pre-determined allocation rule is applied on the Valyo platform. See under "Allocation rules".

Date of the contractually agreed repayment of the bond.

In the case of an issue on the Valyo platform, the issuer concludes the following contracts:

  • with the investors (bond contract)
  • with the paying and listing agent (paying agent and listing agreement)


These contracts are signed digitally at the time of allocation.

Turnover. Number of shares and other investments traded.

The issuer uploads the preliminary prospectus before the opening of the book and transfers important prospectus data for the term sheet. See also under "Prospectus".

The paying agent is always a bank and handles the settlement of a transaction. The paying agent also makes the coupon payments and any repayments on behalf of the issuer.
Raiffeisen Switzerland is the paying agent for Valyo by default.

Valyo ensures that the issuer receives payment reminders for coupon payments and redemption.

We are glad to help you with all questions

Stefan Linder

Head of Product Development & Innovation