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The benefits of listing debt securities on The International Stock Exchange

14 June 2019

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The International Stock Exchange (TISE) became home to nearly half of high yield bond issuers in Europe during the first nine months of 2018, up from nearly zero a few years ago. Large global US and international companies have chosen to list on this exchange, demonstrating further evidence of the growing demand for and interest in TISE listings and their advisers.

There are huge benefits of using TISE for listing debt instruments. Moreover, debt listed on TISE is available to both European and US investors who may have investment restrictions to only invest in listed securities. TISE is approved as a Designated Offshore Securities Market (DOSM) by the US Securities and Exchange Commission (SEC). The recognition means that the securities listed can be issued outside the US without the need to be registered with the SEC. In addition the seller is exempt from having to undertake the extensive requirements required to prove the buyer is outside the US. TISE also offers increased flexibility over EU exchanges as it is not subject to EU Listing Directives, such as MAR and the Prospectus Directive – this has the distinct benefit of reducing time and cost. TISE have this week launched their new delivery framework which ensures fast delivery via an approved listing agent.

In addition, TISE is very competitive on cost compared to other European exchanges and offers fast processing and a personalised service with a consistent approach to listing requirements. TISE Listing Rules adhere to international standards but with a more practical approach to disclosure.

With a total market value of more than GBP300 billion and with more than 2,500 listed debt securities, TISE is increasingly becoming a diverse international issuer base and the go to venue of choice for bond issuance in Europe.

As a member of TISE, Intertrust Securities Limited can act as a listing agent to issuers, based in any jurisdiction, to facilitate the listing of debt securities on TISE. Find out more about our debt listing service and wider capital markets offering.