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Frequently Asked Questions
  Does Nasdaq list and trade Baby Bonds?
Identification Number 1806

Yes. "Baby Bonds" are debt securities that are issued in smaller denominations than non-convertible corporate bonds (typically $25) and assigned an equity CUSIP by the CUSIP Bureau.  These securities trade "flat" (i.e. purchasers will not pay and sellers will not receive any accrued and unpaid interest on the bonds that is not included in the trading price), much like a preferred stock.  Baby Bonds are listed on the Nasdaq Global Market pursuant to Nasdaq Rule 5730.

Under Rule 5730, the issuer of a Baby Bond must be listed on the Nasdaq Global Select Market, the Nasdaq Global Market or the New York Stock Exchange or be an affiliate of a company listed on the Nasdaq Global Select Market, the Nasdaq Global Market or the New York Stock Exchange. In addition, the issuer must also meet heightened asset, net income, and equity tests and the Baby Bond must have a minimum aggregate market value or principal amount of at least $4 million.

If you have questions about listing a Baby Bond on Nasdaq, please contact the Listing Qualifications Department at (301) 978-8008.
Publication Date*: 9/1/2021 Mailto Link Identification Number: 1806
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