The 956 newly-listed securities last year were only surpassed by the record 1,111 new listings during 2021, meaning that the last two years have been the most successful for new listings in the exchange’s history.
It enters its anniversary year with a total of 4,020 securities admitted to its official list, a rise of 10% year-on-year, and the highest total since the exchange opened for business in October 1998.
‘The difficult macro-economic environment dampened listing volumes during 2022, especially in products such as high yield bonds with greatest exposure to the broader debt capital markets,’ said Cees Vermaas, CEO of TISE, pictured.
‘Excluding the impact of high yield, the resilience of M&A activity and the well-trodden path to listing helped generate volumes on TISE that were only marginally lower than the record set in 2021.
'The strong flow of new bond listings on TISE during the last two years has helped take us to a record number of listings on the market, and demonstrates the attractiveness of our core bond market proposition.’
As a leading European professional bond market, TISE introduced the Qualified Investor Bond Market during 2021.
The QIBM represents a dedicated exchange offering for the listing of bonds marketed solely to international ‘qualified investors.’
Across QIBM in 2022, there were a total of 2,370 new issuances listed, comprising 940 entirely new security classes, as well as an additional 1,430 further issues to existing listings.
There was continued product diversification during the year with listings on QIBM including securitisations, high yield bonds and convertibles – with newly-listed convertible bonds increasing by a third year-on-year.
137 securitisation bonds were newly listed during 2022, which was on a par with the previous year and more than double that seen in 2020.
This significant growth took the total number of securitisations listed on TISE to 480 at the end of 2022, including prominent deals from major international banks backed by a range of asset classes including auto loans, credit card receivables, loans to SMEs, and residential and commercial mortgage-backed securities.
The prevailing macro-economic environment had a significant adverse impact on the number of new high yield bond issuances coming to the market during 2022.
Despite this, there were 51 high yield bonds newly listed on TISE last year from a diverse range of sectors and geographies, taking the total number listed on TISE beyond 400 for the first time and further cementing the exchange’s position as the number one listing venue in Europe for listing high yield bonds.
In addition, 23 new bond programmes listed securities on TISE during 2022, which represented growth of 10% on the prior year and meant that there was a total of 83 bond programmes listing 352 securities on TISE at the end of 2022.
There was further diversification in the geographical origin of new listings on QIBM during 2022.
The UK remained the largest single source of new business, followed by the Channel Islands and the Isle of Man, however for the first time in the exchange’s history more than 25% of all securities listing on QIBM last year originated from the EU.
TISE welcomed issuers domiciled in Belgium, France, Germany, Ireland, Italy, Luxembourg, Sweden and the Netherlands, which was another example of the international expansion of TISE’s membership base during the last two years.
Following significant growth during 2021, TISE’s international membership base grew with three new members from Ireland and one from Jersey taking the total number of listing and trading members of TISE to 43.
Within its equity market, TISE has maintained its position as the second largest venue for the listing of UK real estate investment trusts.
With five new UK Reits listed on TISE during 2022, the total number listed reached 43 at the end of the year.
TISE Sustainable, Europe’s most comprehensive sustainable market segment, continued to grow from its launch in 2021, with new admissions from brands such as Dutch telecommunications group VodafoneZiggo, the UK’s leading independent leasing, fleet management and vehicle outsourcing business Zenith, and renewable energy infrastructure investor Bluefield.
By the end of 2022 there was more than £13bn of listings on TISE supporting environmental, social and sustainable initiatives.
‘I am very pleased with the progress we have made as a business during 2022,’ said Mr Vermaas.
‘Building on the significant developments during 2021, we continued to grow and deepen our market while also establishing a more diversified and scalable business model.
'I very much look forward to working with the team here at TISE, our clients and all our stakeholders during 2023 which represents a significant landmark both in the history and the future of TISE.’