Admiral Markets Finalizes Bond Buyback and Considers Tallinn Stock Exchange Exit

Admiral Markets AS has initiated a final offer to repurchase its outstanding bonds as part of preparations to depart the Nasdaq Tallinn Stock Exchange. This action follows the company's earlier decision to surrender its Estonian investment firm license and relocate its European operations.

The broker announced on Thursday an offer to buy back up to 8,476 Tier 2 bonds issued in 2017. The offer, open for approximately one month exclusively to current bondholders, is priced at €101.02 per bond, comprising the €100 nominal value, a €1 premium, and €0.02 in accrued interest. The total nominal value of the remaining bonds is €847,600. Investors are required to submit sell orders through their custodians; the firm may accept fewer bonds than offered but aims to repurchase the full amount.

This buyback is a component of a broader corporate restructuring. Admiral Markets is also "exploring the possibility" of terminating trading of its bonds on Nasdaq Tallinn post-offer, citing low trading activity and minimal remaining volume. The restructuring included surrendering its Estonian license, which the financial regulator Finantsinspektsioon withdrew in April upon application.

Admiral Markets has consolidated its European regulated business under Admirals Europe, a Cyprus-based entity. Earlier this year, the company reduced its bond exposure by repurchasing 4,999 bonds from 99 investors at €103.21 per bond in April; the current offer seeks to retire the remaining balance.

The license surrender in Estonia aligns with a strategy to reduce jurisdictional footprint. Admirals sold its Australian unit to offshore broker PU Prime, transferring an Australian Financial Services license, and later cancelled its UAE subsidiary license after regulatory approval last November, stating a focus on higher-growth regions.

The scaled-down global operations have impacted financial performance. The broker reported a net loss of €5.9 million for the first half of last year amid declining trading activity in core European markets. Net trading income fell to €13.3 million from €22.0 million a year earlier, while operating expenses decreased 20% to €18.3 million. The firm recorded 23,190 active clients during the period and resumed onboarding new EU clients following a temporary pause related to compliance measures.