TISE IS THE EXCHANGE OF CHOICE FOR HIGH YIELD BONDS

Since 2016, an increasing number of issuers of high yield bonds have chosen TISE as the stock exchange of choice.

The key advantages to listing on TISE:

responsive and knowledgeable listing teams
guaranteed review times
competitive pricing
established European market practice; and
proportionate disclosure requirements.

TISE has several international recognitions and memberships – for example, it is considered a “Recognised Stock Exchange” by UK HMRC and a “Designated Offshore Securities Market” by the US SEC. The Exchange is uniquely positioned within Europe but outside the EU and UK, providing a proportionate disclosure regime. TISE’s robust but proportionate listing rules, combined with a pragmatic and commercial approach to listings, often appeals to issuers from the United Kingdom, Europe, the United States and Asia.

High yield bonds tend to be issued under New York law governed offer documents, and are marketed to qualified institutional investors and sophisticated investors under Rule 144A of the United States Securities Act of 1933. Appleby works closely alongside New York lawyers and advisors in order to facilitate listing these issuances on TISE.

LISTING AGENT SERVICES

During 2023 Appleby continued to be one of TISE’s leading listing agents, assisting various clients and intermediaries with the listing of multiple forms of debt and equity on the Exchange. The total debt listed on TISE by the Appleby team equated to over USD6,570,000,000 (USD6.5b) in 2023, including the first ESG-rated issuer to be admitted to TISE Sustainable.

Appleby assists domestic and international issuers listing securities on TISE. We also act as the issuer’s ongoing listing agent and assist them in meeting their continuing obligations as a listed issuer. Our listings team is committed to delivering a highly professional and integrated service, coordinating the listing process, and supporting the issuer through their application.

THE INTERNATIONAL STOCK EXCHANGE

At TISE, there were 842 new listings during its 25th anniversary year in 2023. This contributed to the total number of listings on TISE’s Official List reaching 4,262 at the end of December, which is growth of 6% year on year and the highest since the inception of the Exchange in 1998.

The majority of listings are debt securities (including eurobonds, securitisations and CLOs, high yield bonds and green bonds) but the Exchange can also list other types of securities, such as REITs, other investment vehicles and equity listings.

For more information on our expertise related to our listings services, please do not hesitate to get in touch with Christophe Kalinauckas.