The International Stock Exchange – Admission of issuers & securities to TISE Sustainable

Published: 12 Mar 2024

This Insight provides a summary of Appleby listing agent services in the Channel Islands, including the listing of securities on TISE’s Official List and the admission of issuers and securities to TISE Sustainable.

Primary Contact

Christophe Kalinauckas

Partner: Jersey

T +44 (0)1534 818 193
E [email protected]

Christophe Kalinauckas

TISE Sustainable

TISE Sustainable is a comprehensive and reputable market segment of the Official List of The International Stock Exchange (TISE), enabling the flow of capital into investments that promote environmental, social or sustainable activities. TISE Sustainable is available to TISE-listed issuers and securities who evidence that they meet certain qualifying criteria relating to environmental, social or sustainable frameworks or ratings.

Appleby Securities (Channel Islands) Ltd (Appleby) is a leading listing agent with TISE, and has recently assisted the first ESG-rated issuer to be admitted to TISE Sustainable.

TISE Listing Application Process

TISE Sustainable is available to TISE-listed issuers and securities who are able to demonstrate compliance with the relevant qualifying credentials (including a credible transition plan). There is a straightforward application process and no additional fees to join the segment.

An application for admission to the TISE Sustainable market segment can be made at the same time as an application to list on TISE’s Official List, however, approval of the admission to TISE Sustainable will only take place once admission to TISE’s Official List has been granted.

TISE Sustainable can cover a wide range of products, including green bonds, transition bonds, sustainability-linked bonds, social bonds, sustainable bonds, ESG-rated companies, green funds and transition issuers.

TISE is a Partner Exchange of the United Nations’ Sustainable Stock Exchanges (SSE) initiative and is committed to being part of the sustainable capital markets ecosystem, both in terms of how TISE manages their business and through their role as a facilitator of global capital flows.

Qualifying Credentials

TISE Sustainable is available to TISE-listed issuers and securities who are able to demonstrate compliance with at least one of the following frameworks or ratings.

Part A – Environmental, Social and Sustainable

Either (i) the issuer’s business, or that of its wider group; or (ii) the use of the proceeds raised by the issuance of a security; has been verified as having an environmental, social or sustainable purpose by an independent party against a recognised framework. Alternatively, the issuer’s business, or that of its wider group, has been positively rated by an independent party.

And/or Part B – Transition

Either (i) the issuer’s business, or that of its wider group; or (ii) the use of proceeds raised by the issuance of a security; has been verified by an independent party against a recognised transition framework.

In addition to the frameworks and ratings outlined on their website, TISE will also consider other frameworks and ratings which demonstrate the environmental, social, sustainable or transitional credentials of the issuer and/or securities.

TISE Listing Application Documents

The application to list on TISE’s Official List must contain certain documents as required by the Listing Rules as part of the initial listing application, including the Listing Document (which can take the form of an existing published prospectus/offering memorandum), together with supporting documentation and various standard application forms.

Via Appleby (as listing agent), the issuer will make the application to list on TISE’s Official List. Within their guaranteed turnaround framework, TISE will then conduct a detailed assessment to assess suitability for listing.

At the same time, or post-listing, also via Appleby (as listing agent), the issuer will complete the TISE Sustainable Application Form (together with supporting documentation). Any independent verification reports or rating assessments must be current and valid; and any transition applications can be made on a standalone basis or in conjunction with an accompanying application for admission to the segment by virtue of holding other relevant qualifying credentials.

Upon approval of the final listing application, the securities will be admitted to TISE’s Official List and, if the sustainable qualification credentials have been met, the issuer/securities will be admitted to TISE Sustainable.

Case Study – WE Soda

In February 2024, Appleby advised WE Soda Investments Holding Plc, in relation to its offering of USD500,000,000 9.375% Senior Secured Notes due 2031, which have been listed on TISE.

This follows the successful listing on TISE of USD980,000,000 9.5% Senior Secured Notes due 2028, issued by WE Soda Investments Holding Plc in November 2023 and subsequent tap in December 2023.

WE Soda Investments Holding Plc was the first issuer to be admitted to TISE Sustainable by virtue of holding the qualifying credential of an ESG Rating.

WE Soda is the global leader in the production of natural soda ash – one of the most widely consumed commodities in the world, which is used in the manufacture of glass, soap, paper and lithium carbonate for electric vehicle batteries. WE Soda prides itself as a leader in operating and producing soda ash in the most sustainable manner possible and is committed to operating in an environmentally and socially responsible way.

Appleby Listing Agent Services

Appleby assists domestic and international issuers listing securities on TISE. We also act as the issuer’s ongoing listing agent and assist them in meeting their continuing obligations as a listed issuer 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 both the UK and the European Union. TISE is a “Recognised Stock Exchange” by UK HM Revenue & Customs. There are more than 4,200 securities listed on TISE currently. The majority of listings are debt securities (including eurobonds, securitisations and CLOs, high yield bonds and green bonds) but TISE can also list other types of securities, such as REITs, other investment vehicles and equity listings.

Please contact Appleby for more information.

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