More than 400 High Yield Bonds were listed on The International Stock Exchange (TISE) at the end of 2022. High Yield Bond issuers and their advisors continue to list on TISE for several good reasons, which we explain in this article.
We will also provide an introduction to listing High Yield Bonds on TISE and a summary of Appleby's own listing agent services.
Appleby Securities (Channel Islands) Ltd ("Appleby") with the support of The International Stock Exchange (TISE) has worked on a significant number of listings of debt securities on TISE.
LISTING HIGH YIELD BONDS
Since 2016, an increasing number of issuers of high yield bonds have chosen TISE as the stock exchange of choice in order to list high yield bonds. In fact, there were 202 newly listed High Yield Bonds across 2021 and 2022. TISE is a "recognised stock exchange" by, amongst others, HMRC and is uniquely positioned in Europe but outside the EU and UK, providing a proportionate disclosure regime. TISE's robust but proportionate listing rules, combined with TISE's pragmatic and commercial approach to listings, often appeals to issuers from the UK, Europe, the US and Asia.
These 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 list the high yield bonds on TISE.
TISE IS THE KNOWN EXCHANGE OF CHOICE FOR HIGH YIELD BONDS
The key advantages to listing on TISE, using Appleby as your listing sponsor:
- responsive and knowledgeable listing teams
- guaranteed review times
- competitive pricing
- established European market practice
- proportionate disclosure requirements
LISTING SPONSOR SERVICES
During 2022 Appleby continued to be one of The International Stock Exchange's (TISE) leading listing agents, assisting various clients and intermediaries with the listing of multiple forms of debt and equity on TISE. The total debt listed on TISE by the Appleby team equated to over GBP2.5 billion, broken down by applicable currency to being approximately GBP926 million, USD1.6 billion and EUR37 million of debt.
At TISE, the 956 newly-listed securities in 2022 were only surpassed by the record 1,111 new listings during 2021, meaning that the last two years have been the most successful for new listings in the exchange's history.
Appleby assists domestic and international entities looking for a primary or secondary listing on TISE. Our listings team is committed to delivering a highly professional and integrated service, coordinating the listing process, and supporting the issuer through their application. We also act as our client's ongoing listing agent and assist them in meeting their continuing obligations as a listed issuer on TISE.
THE INTERNATIONAL STOCK EXCHANGE
Today, there are more than 4,000 securities listed on TISE. The majority of listings on TISE are for debt securities (including High Yield Bonds, Securitisations, CLOs, Bond Programmes and Quoted Eurobonds) but TISE can also list other types of securities, such as Sustainable Bonds, REITs, other investment vehicles and equity listings.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.