Quoted Eurobonds include quoted funding bonds or payment in kind notes (PIK Notes) issued by UK portfolio companies of leveraged buyout and private equity funds. A quoted Eurobond is an interest-bearing security, issued by a company that is listed on a “recognised stock exchange”.

Interest paid on qualifying Eurobonds does not have to be withheld for UK tax purposes if the Eurobonds are listed on TISE.

The International Stock Exchange a “Recognised Stock Exchange”

TISE is a “recognised stock exchange” by Her Majesty’s Revenue and Customs pursuant to section 1005 of the United Kingdom Income Tax Act (2007), which means that the tax treatment of Eurobonds is positively enhanced by TISE’s status as a recognised stock exchange.

MAR and EU Directives

Because the Channel Islands are not subject to the European Union financial services regulatory environment, issuers of certain qualifying Eurobonds listed on TISE are not obliged to comply with MAR and the EU Prospectus Directive (2003/71/EC). This can create significant savings in terms of cost and compliance effort.

Appleby as Listing Member

Appleby Securities (Channel Islands) Limited acts as a sponsor for listing purposes, is a full listing member of TISE and can provide high quality, cost-effective professional services in all aspects of structuring and documenting Eurobond and PIK Note issues.

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Key Contacts

James Gaudin

Partner: Jersey

T +44 (0)1534 818 337
E Email James

Kyle Sutherland

Partner: Isle of Man

T +44 (0)1624 647 653
E Email Kyle

Andrew Harding

Group Partner: Guernsey

T +44 (0)1481 755 606
E Email Andrew

Andrew Weaver

Partner: Jersey

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

Jeremy Berchem

Group Partner: Guernsey

T +44 (0)1481 755 601
E Email Jeremy

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