The International Stock Exchange (TISE) has launched a new Qualified Investor Bond Market (QIBM).
The QIBM represents a dedicated exchange offering for the listing of bonds marketed to ‘qualified investors’ such as institutional investors, professional investors and other investors experienced and knowledgeable in investing in bonds.
Anthony Byrne (pictured), Head of Bond Markets at TISE, said: “I am delighted to launch TISE’s new bond market, the Qualified Investor Bond Market. TISE is already a leading bond listing venue located in Europe but uniquely positioned outside of both the UK and the EU. We experienced a record breaking six months in the first half of this year and now move to build on this growing success and increasing market interest through the evolution of our international bond listing proposition.
“The QIBM is a dedicated market for listing bonds being offered solely to qualified investors, providing several unique and compelling differentiators when compared with other European exchanges. I am very confident that existing and new clients will find it to be both a highly attractive and competitive offering.”
The key features of the QIBM are:
- QIBM Listing Rules – A comprehensive bond rulebook incorporating a proportionate disclosure regime for all bond products;
- TISE Guarantee – ‘3+1’ guaranteed review timelines provide certainty to clients through a commitment to conduct an initial review of listing applications within three business days of first submission and within one business day of subsequent submissions. This also applies to TISE’s Equity Market;
- TISE Passport – A pan-European fast-track listing service available for those bond programmes already approved by a national competent authority within the EEA or UK;
- TISE 1 Form – QIBM applications are made via the completion of a single, composite application form; and
- Lifetime Fee – The QIBM Listing Fee Schedule introduces the option of a one-off Lifetime Fee payment solution for products such as corporate bonds, derivative bonds, securitisations including collateralised loan obligations, sovereign and other public bonds. A Lifetime Fee also applies to bonds issued by way of drawdown document or final terms, providing one of the most cost-effective programme offerings in Europe.
These key features of the QIBM are supported by a growing range of international recognitions and memberships for TISE. TISE is a ‘recognised stock exchange’ for the purposes of the Quoted Eurobond Exemption as applicable in both the UK and Ireland, and it is also recognised by the US Securities and Exchange Commission (US SEC) and German regulator BaFin.
TISE is an actively engaged participant of the international securities industry through its status as an Associate Member of the International Organisation of Securities Commissions (IOSCO) and the World Federation of Exchanges (WFE) and other official memberships extend to the Association for Financial Markets in Europe (AFME), the International Capital Markets Association (ICMA), and the UN Sustainable Stock Exchanges Initiative (UN SSE).
The latter has complemented TISE’s recent launch of Europe’s most comprehensive sustainable market segment, TISE Sustainable. It provides visibility to both sustainable securities and sustainable issuers and enables investment into environmental, social and sustainable activities.
Anthony added: “TISE is already a leader in Europe for listing high yield bonds and private equity debt securities and the evolution of our offering will help to maintain our position in those core markets. Our enhanced offering also puts us in a very strong position to attract other corporate bonds, securitisations including collateralised loan obligations, derivative bonds, sovereign and public bonds, and positions TISE as one of Europe’s most attractive listing venues for international bond programmes. This is a key part of our diversification strategy and I am hugely looking forward to taking this compelling proposition to market.”
