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 to list Sustainability-Linked Bonds.

Sustainability-Linked Bonds aim to further develop the key role that debt markets can play in funding and encouraging companies that contribute to sustainability (from an Environmental and/or Social and/or Governance perspective, “ESG”).

Sustainability-Linked Bonds are securities that are issued with economic terms that can vary depending on whether the issuer company achieves pre-defined sustainability performance targets. For example, an issuer company may have to pay a penalty interest rate should it fail to meet the pre-defined targets. In addition, Sustainability-Linked Bonds are often characterised as high yield bonds.

The International Capital Markets Association (“ICMA”) have issued Sustainability-Linked Bond Principles (“SLBP”) that provide guidelines to recommend structuring features, disclosure and reporting.  The SLBP have five core components:

1. Selection of Key Performance Indicators (KPIs)

2. Calibration of Sustainability Performance Targets (SPTs)

3. Bond characteristics

4. Reporting and

5. Verification;

all of which contribute to the variety of Sustainability-Linked Bonds that are issued.

A number of Sustainability-Linked Bonds have been listed on TISE by issuers incorporated in Luxembourg, France and Germany, operating in a number of sectors, including waste management, pulp, paper and wood products, frozen foods and chemicals.

Recently, TISE, launched a new market segment called “TISE Sustainable”. The “TISE Sustainable” segment is available to all TISE-listed issuers – including bond issuers and equity issuers – who comply with a recognised framework or rating that promotes environmental, social or sustainable activities.

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 TISE please do get in touch with one of our listings team Andrew WeaverChristophe Kalinauckas, Chris Smedley or Kevin McQuillan.

Type

Insight

Locations

Jersey

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
27 Sep 2022

Similar but Different

While the basic features of the trust remain, there are some notable differences in how trusts can b...

1 Aug 2022

Register of Overseas Entities: A Jersey perspective

The Register of Overseas Entities at Companies House (ROE), as contemplated by the Economic Crime (T...

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
21 Apr 2022

Listing Private Equity Acquisition Debt on The International Stock Exchange

This article provides a summary of Appleby listing agent services in the Channel Islands, and also o...

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...