Appleby Securities (Channel Islands) Ltd (Appleby) and TISE work together on a significant number of listings of securities on TISE.

One recent theme is a growing trend for the aggregate principal amount of notes to be issued jointly and severally by two or more co-issuers and, therefore, each issuer is liable for repayment of the notes in their entirety. In addition, it may be viable under the terms and conditions of the securities to add additional co-issuers of the Notes to the extent it does not result in adverse tax consequences to the noteholders.

TISE has listed several loan notes issued by co-issuer vehicles incorporated in Luxembourg, Delaware, USA, Bermuda and England and Wales. These have been issued as part of a private equity acquisition structure or a high yield bond issuance.

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, in 2020, TISE became a leading stock exchange of choice in the European high yield bond market.

In terms of the TISE listing application process for co-issuers, this can be streamlined, where one set of application documents can be used by all co-issuers.

A pragmatic approach is also taken on listing fees for co-issuers, where only 1 issuer application fee and only 1 formal notice fee is levied by TISE. As for annual TISE fees, only 1 debt class full annual fee is charged by TISE for the first issuer and there is a discounted fee for other co-issuers.

Whilst offering a “Recognised Stock Exchange” for the purposes of UK HM Revenue & Customs TISE’s robust but proportionate listing rules, combined with TISE’s pragmatic and commercial approach to listings, often appeals to issuers from the United Kingdom, Europe, the United States and Asia.

Appleby Listing Sponsor Services

Appleby is a leading listing agent with TISE, which listed 831 securities during 2020 against the backdrop of the coronavirus (COVID-19) global pandemic. This is the second highest annual total of new listings since the inception of TISE and Appleby acted as listing agent on an increasing number of these listings, representing a 37% increase on 2019.

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

TISE is a regulated marketplace from within the European time zone but outside the European Union. TISE is a “Recognised Stock Exchange” by UK HM Revenue & Customs. Today there are more than 3,100 securities listed on TISE. The majority of listings on TISE are for debt securities (including High Yield Bonds and Quoted Eurobonds) but TISE can also list other types of securities, such as REITs, Green Bonds, SPACs, other investment vehicles and equity listings.

For more information on our expertise related to listings services please do not hesitate to get in touch with the lawyers below.

Key Contacts

Andrew Weaver

Partner: Jersey

T +44 (0)1534 818 230
E Email Andrew

Christophe Kalinauckas

Partner: Jersey

T +44 (0)1534 818 193
E Email Christophe

Share
Twitter LinkedIn Email Save as PDF
More Publications
2 Nov 2023

“Arranging” deals in investments is now a regulated activity under the Financial Services (Jersey) Law 1998

Appleby Jersey experts explain why changes to the Financial Services (Jersey) Law 1998 help protect ...

6 Oct 2023

A comparison between the GDPR and the Jersey Data Protection Law

Richard Field discusses key aspects of Jersey's recently enacted data protection legislation in comp...

11 Jul 2023

Proposed Regulation of Consumer Credit in Jersey

Find out more about the Jersey Government’s suggested regulation of the consumer credit regime and...

1 Jun 2023

What is a Pre-Let Agreement?

Whether you're a landlord or tenant looking for pre-let advice, we can help. Our expert property law...

17 May 2023

More changes to Jersey's Anti-Money Laundering Regime (AML)

Our experts look at latest proposals to the legal and regulatory anti-money laundering framework in ...

10 May 2023

Establishing a single family office in Jersey

Want to know more about establishing a family office in Jersey? Find out what a family office is and...

27 Apr 2023

Change of control of regulated entities in Jersey

Find out how Appleby Jersey has advised upon a number of changes of control scenarios in different c...

20 Mar 2023

Trusts: Comparison between the Crown Dependencies

Our Private Client and Trusts specialists in Guernsey, Isle of Man and Jersey outline some of the ke...

15 Mar 2023

Changes to the Jersey Competition Law Framework

Following the launch of the Government of Jersey's consultation on proposed changes to the competiti...

14 Mar 2023

Jersey Property Unit Trusts and the Trust Regulation Service

Our Appleby team looks at HMRC's recently updated guidance on Jersey Property Unit Trusts (JPUTs) an...