TISE listings up 22.7% last year
THERE were 865 new listings on The International Stock Exchange during 2018.
This represents an increase of 160 (22.7%) on 2017 and is the largest number of securities listed in a calendar year on the exchange since the business was established in 1998.
It took the total number of listed securities on TISE to 2,857 at the end of December 2018.
Fiona Le Poidevin, CEO of The International Stock Exchange Group, said it surpassed ‘the stellar achievements of 2017 but also, at the same time, set a new record for the largest number of securities listed in a single year’.
During 2018, TISE played a role in an innovative insurance linked securities transaction when it became home to what is believed to the first ever listing on a regulated exchange of notes digitised on a blockchain; US$4.1bn of bonds were listed on TISE as part of the world’s most expensive real estate transaction for a single building, The Center, which is Hong Kong’s fifth largest skyscraper. There was also a £3.5bn debt issuance from sports betting and gaming giant GVC Group was the first listing on TISE to be sponsored by one of its Isle of Man-based member firms.
Mrs Le Poidevin added: ‘Last year was characterised by some very notable listings, further development of niche product areas, such as ILS, and further diversification in terms of the geographical origin of business, such as the Far East. We’ve also continued to see growing numbers of US and European companies choosing to list high-yield bonds on TISE and we have grown the number of UK tax resident Real Estate Investment Trusts listed on TISE to more than 25% of the total market.
‘The continued growth in the number of new listings on the exchange reflects the growing recognition from issuers and their advisers that TISE provides a sensibly regulated, convenient and cost-effective listing venue for their securities. It is this demand from clients for TISE listings and the potential variety of ways in which a TISE listing can benefit their client base which is leading more businesses to add TISE membership as part of their offering.’
A number of firms joined as Listing Members of the Exchange during 2018, including ILS specialist Solidum Re (Guernsey) ICC Limited, Isle of Man-based FIM Capital, and, in Jersey, Intertrust Securities, as well as Maples and Calder.
In the second half of the year, TISE introduced a new market segment, TISE Green, to enhance the visibility of those investments which make a positive impact on the environment and updated the listing rules, in particular to appeal to small- and medium-sized enterprises.
‘There were a number of significant developments at the exchange during 2018 of which our team should be very proud. A particular focus for us during this year will be showcasing how both UK SMEs, as well as companies from our “home” jurisdictions of Guernsey, Jersey and the Isle of Man, can potentially benefit from listing on TISE. I look forward to working with all our stakeholders as we take further strides forward in 2019,’ said Mrs Le Poidevin.
