Appleby Securities (Channel Islands) Ltd (Appleby) advises a range of clients on a significant number of listings of debt securities on TISE.

Many of these debt securities are issued as part of private equity backed acquisitions. They relate to the financing of UK businesses, and are listed on the Qualified Investor Bond Market at TISE.

In summary, an issuer within an acquisition stack will issue loan notes to a private equity house, the management teams and/or other intragroup entities. These loan notes may be convertible or secured and are issued under English law governed finance documents. Appleby works closely alongside English lawyers and advisors, in order to list the loan notes on TISE.

The listed loan notes are classified as “Quoted Eurobonds”. Ordinarily, a UK issuer may need to withhold tax from interest payments. However, as TISE is a stock exchange recognised by Her Majesty’s Revenue and Customs (HMRC) under English law, “Quoted Eurobonds” listed on TISE can benefit from the “Quoted Eurobond Exemption”. This can allow the issuer to make interest payments on the loan notes without the deduction of any withholding tax.

TISE is currently seeing record listing volumes and it is the second year in a row that it has announced record figures. In the first quarter of this year TISE has also launched its new bespoke Nova trading system.

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 1,111 securities during 2021 against the backdrop of the coronavirus (COVID-19) global pandemic. This is the 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 93% increase on 2020.

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 3,500 securities listed on TISE with a total market value of more than £500 billion. 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, Sustainable Bonds, Securitization 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 Christophe Kalinauckas, Andrew Weaver or Kevin McQuillan.

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

Kevin McQuillan

Partner: Jersey

T +44 (0)1534 818 367
E Email Kevin

Share
Twitter LinkedIn Email Save as PDF
More Publications
30 Jun 2022

Digital Identification in Jersey

There have been considerable changes made to the way we do business in recent times. These changes w...

Contributors: Gemma Whale, Paul Worsnop
17 Jun 2022

Proposals to amend the Powers of Attorney (Jersey) Law 1995

Following the recent update from our Guernsey colleagues on the introduction of lasting or enduring ...

Contributors: Gemma Whale
9 Jun 2022

Trustee Knowledge Series: Masters Paper Two: Family Governance

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

17 May 2022

Navigating the Jersey M&A landscape (3 of 3)

This is the third of a series of three articles, each dealing with topics to be considered when buyi...

Contributors: Andrew Weaver
5 May 2022

The Economic Crime (Transparency and Enforcement) Act 2022: a Jersey perspective

The new Economic Crime (Transparency and Enforcement) Act received Royal Assent on 15 March 2022 (th...

Contributors: Andrew Weaver, Gemma Whale
12 Apr 2022

Trustee Knowledge Series: Masters Paper One: PTC Structures

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

16 Mar 2022

Trustee Knowledge Series: Advanced Paper Eight: Amending Mistakes

It is almost inevitable that during the life of most trusts (which can now last indefinitely in many...

4 Mar 2022

The International Stock Exchange (TISE) has launched its new bespoke auction trading system, NOVA

Appleby is a leading listing agent with TISE, which listed 1,111 securities during 2021 against the ...

23 Feb 2022

Anonymisation of decisions: an invitation to consider this more but the unscrupulous need not apply!

The adage that ‘justice must not only be done, but must also be seen to be done” derives from a ...

21 Feb 2022

Taking a Jersey company private: Is there a new kid on the block?

This article focuses on the emergence of a statutory merger under Part 18B of CJL as an alternative ...