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

Admiral Markets AS completed the repurchase of 4,999 Tier 2 bonds from 99 investors after a two-week offer period that ended on April 2, the company said this week. Each bond was bought back at €103.21, consisting of the €100 nominal value, a €1 premium, and €2.21 in accrued interest, with settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term scheduled for April 8 or a nearby date.

The firm said every investor who submitted a buyback order was able to sell back the full number of bonds they offered. Admiral Markets added that it had heard from bondholders who were unable to participate in this round and said it would "consider additional options to arrange further buybacks," according to the company's announcement.

Buyback Falls Well Short of the 13,535 Cap

Admiral Markets had initially set a ceiling of 13,535 bonds for the offer, which ran from March 19 through April 2. The 4,999 bonds actually tendered represent roughly 37% of that maximum. The bonds were originally issued on December 28, 2017, with a nominal value of €100 each, an annual interest rate of 8%, and a maturity date in December 2027.

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The total outlay for the buyback amounts to approximately €516,000 based on the stated price per bond. It is not the first time Admiral Markets has offered to repurchase these securities. In mid-2023, the company launched a similar exercise at a higher price of €104.53 per bond, when it disclosed plans to merge with its Estonian subsidiary and surrender the local license.

License Withdrawal Tied to Group Restructuring

The bond buyback is directly linked to the company's plan to give up its Estonian Financial Supervision and Resolution Authority license. Admiral Markets AS filed an application with the regulator to relinquish the license, which the company said is expected to be revoked in the second quarter of 2026.

The Estonian license surrender is one of several recent moves that have reduced the group's regulatory footprint. Admirals canceled its UAE Financial Services Permission from the Abu Dhabi regulator in November 2025 and sold its Australian subsidiary to PU Prime, another CFD broker, earlier that year. The company also stopped onboarding new clients under its Jordanian and Kenyan licenses, migrating those traders to its Seychelles-regulated entity instead.

The restructuring has unfolded against a period of financial pressure. Admirals Group posted a net loss of €16.2 million for 2025, compared with a profit of under half a million euros in the prior year. Net gains from trading with clients and liquidity providers fell roughly 51% to €18.5 million. The group's active client count dropped 52% to 43,332 in 2024, and first-half 2025 numbers showed further declines with just 23,190 active clients.

A Broader Pattern of CFD Broker Consolidation

Admirals is not the only retail broker trimming its license portfolio or restructuring operations. GMI Markets, an FCA-regulated CFD firm, shut down entirely in late 2025. FXCM and Tradu, operating under the same corporate umbrella, announced over 100 job cuts and began migrating Tradu's CFD clients back to the FXCM brand in early 2026. Colmex Pro also said it would exit the CFD business altogether.

Rising compliance costs across the EU and UK have weighed on smaller operators in particular. A recent FM Intelligence analysis found that 23 FCA-regulated CFD brokers handling $9.3 trillion in monthly volume face converging regulatory obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term in 2026, including new operational resilience rules and expanded reporting requirements.

For Admirals, the immediate question is whether remaining bondholders will get another opportunity to tender their securities before the December 2027 maturity. The company said it would notify investors about any future buyback rounds. Eduard Kelvet, a member of Admiral Markets AS's management board, is handling inquiries related to the transaction.