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

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

Whilst offering a “recognised stock exchange” by, amongst others, HMRC, 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.

These high yield bonds are issued under New York law governed offer documents, with an interest coupon up to 15% pa, 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 loan notes on TISE.

One recent theme is a growing trend for Asian backed issuers listing high yield bonds on TISE. The issuing vehicles may be incorporated in the British Virgin Islands, Hong Kong, or the Cayman Islands, although from a listing perspective the bonds are listed on TISE. These arrangements often include the presence of both a Keepwell Provider and a Personal Guarantor.

Accordingly, we have seen the volume and number of USD high-yield bonds with tenors less than one year issued by Chinese companies touching a new monthly high in January 2021. In addition, Asian backed green/social/sustainable high yield USD-bond issuance volumes YTD are at an all-time high in 1Q21 QTD.

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 our listings services please do not hesitate to get in touch with Andrew WeaverChristophe Kalinauckas, Mark BradyChris SmedleyKevin McQuillan.

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