udstedere

Udstedere are entities that issue securities to raise capital. In Danish finance, the category includes corporations, municipalities, government entities, banks and other financial institutions, as well as supranational organizations. The instruments they issue range from equity (stocks) to debt securities (bonds, notes), as well as hybrids such as preferred shares or convertibles.

In the primary market, an issuer works with investment banks and other intermediaries to structure the offering, determine the size and terms (maturity, coupon, currency), and prepare regulatory documentation such as a prospectus. The issue is priced and allocated, and securities are typically distributed to investors and listed on a stock exchange or debt market. Regulators require disclosure of financial condition, use of proceeds, and risk factors; many jurisdictions also require an official prospectus and ongoing reporting.

After issuance, issuers have ongoing obligations: publishing annual and interim reports, maintaining certain covenants for debt, and communicating with investors through official channels. Their creditworthiness, as assessed by rating agencies, affects the cost of borrowing. They may also engage in refinancing or early redemption through call options or tenders.

Different types of issuers behave differently depending on market and instrument: corporate issuers issue bonds or shares to finance operations or acquisitions; public sector issuers issue debt to fund public projects; financial sector issuers raise capital for lending or balance sheet management; supranational issuers issue bonds to finance international development.

In international markets, regulatory frameworks such as prospectus requirements, disclosure standards, and listing rules shape the issuer's responsibilities and the investor's protections.