Admiral Markets Buys Back Nearly 5,000 Bonds Ahead of Estonian Licence Surrender

Admiral Markets AS has repurchased 4,999 Tier 2 bonds from 99 investors, concluding a two-week offer period ending April 2. The bonds were repurchased at €103.21 each, comprising the €100 nominal value, a €1 premium, and €2.21 in accrued interest. Settlement is scheduled for April 8.

The firm reported full participation from investors who submitted buyback orders. Admiral Markets also acknowledged bondholders unable to participate in this round and stated it would "consider additional options to arrange further buybacks."

The repurchase represented roughly 37% of the maximum 13,535 bonds the company was prepared to buy back. The bonds were originally issued on December 28, 2017, with an 8% annual interest rate and a maturity date in December 2027.

The total outlay for the buyback is approximately €516,000. This follows a similar, higher-priced buyback exercise in mid-2023 at €104.53 per bond, which coincided with plans to merge with its Estonian subsidiary and surrender the local license.

The bond buyback is directly linked to the company's plan to relinquish its Estonian Financial Supervision and Resolution Authority license. An application has been filed, with revocation expected in Q2 2026.

Surrendering the Estonian license is part of a broader reduction in the group's regulatory footprint. This includes canceling its UAE Financial Services Permission in November 2025, selling its Australian subsidiary, and ceasing new client onboarding under its Jordanian and Kenyan licenses.

This restructuring occurs amid financial pressure. Admirals Group posted a net loss of €16.2 million for 2025, compared to a profit of under half a million euros the prior year. Net gains from trading fell roughly 51% to €18.5 million, while active client counts declined significantly.

Admirals is part of a wider trend of consolidation among CFD brokers. Other firms, including GMI Markets, FXCM, Tradu, and Colmex Pro, have also exited markets, restructured, or shut down operations recently.

Rising compliance costs in the EU and UK are particularly challenging for smaller operators. New rules in 2026 will impose additional operational resilience and reporting requirements on brokers.

The company is considering future buyback opportunities for remaining bondholders before the December 2027 maturity. Eduard Kelvet, a member of the Admiral Markets AS management board, is handling related inquiries.