There were 228 newly listed securities on The International Stock Exchange (TISE) during the first quarter of 2024, a 28.8% increase on the 177 securities listed during the equivalent period in 2023.
The new listings contributed to the total number of securities on TISE’s Official List reaching 4,313 at 31st March 2024, which is an increase of 6.4% year on year and a record high in the history of the Exchange.
The total market value of all listed securities stood at more than £670 billion at the end of the quarter.
Cees Vermaas (pictured), CEO of TISE, said: “I am delighted with the strong performance of our public market during the first quarter of 2024. Global macro-economic conditions had subdued listing volumes across the European corporate bond markets during the last couple of years. Activity started to pick up towards to the end of 2023 and this has continued during the opening months of this year as markets stabilised, funds began to deploy capital and refinancing requirements came more into focus. We are very pleased that allied to these improving market conditions, clients have continued to recognise our cost-efficient and expeditious service for the listing of bonds offered to institutional and professional investors.”
During the quarter, there were 221 newly listed securities admitted to TISE’s leading European professional bond market, the Qualified Investor Bond Market (QIBM). TISE has maintained its market-leader position across both private equity debt and high yield bonds.
The upturn in M&A activity and the value to clients of a proven path to listing offered by TISE meant that private equity debt (76 securities) remained the largest product type for newly listed securities during the first quarter.
With borrowers facing maturity walls and looking to refinance (or repay) their outstanding debts, activity has consequently picked up in the high yield bond markets. This was reflected in the 28 new admissions to TISE, which is widely recognised as Europe’s leading market for this corporate bond product.
TISE also continued to grow its reputation as a venue for securitisations, with 39 newly listed, while also adding to the 31 Collateralised Loan Obligations (CLOs) that were admitted to TISE during last year when it made a breakthrough into the market for listing CLOs.
There were seven newly listed securities across TISE’s equity market during the first three months of the year. This included four UK Real Estate Investment Trusts (REITs), with Highcroft Investments Plc delisting from the London Stock Exchange (LSE) and listing on TISE. It means that TISE has continued to build its position as the second largest venue for listed UK REITs, and with 46 currently admitted to TISE, it now sits just one behind the LSE.
The UK remained the largest single source of new business, followed by Luxembourg. More than 20% of all securities newly listed on TISE during the quarter originated from the EU, including issuers domiciled in France, Germany, Ireland, Luxembourg and The Netherlands. Approximately 3% of new business came from the US and Canada.
Cees added: “This is a very positive start to the year and I think we have grounds to be optimistic for the rest of 2024. Our Members who facilitate business on the Exchange are reporting a healthy pipeline of new business as economic growth outweighs recession, M&A activity returns strongly and we enter a wave of refinancing. A continuation of this upward momentum in the markets will enable us to build on our strong start going forward.”
