The International Stock Exchange listed a record number of new bond issuances on its public market during 2023, when it also launched a new private markets service, TISE Private Markets.
Despite continued adverse macro-economic conditions, there were 842 new listings on The International Stock Exchange (TISE) during its 25th anniversary year. This contributed to the total number of listings on TISE’s Official List reaching 4,262 at the end of December, which is growth of 6% year on year and the highest since the inception of the Exchange in 1998.
Cees Vermaas (pictured), CEO of TISE, said: “I am delighted with the success we achieved during 2023. It is fantastic to celebrate our landmark 25th anniversary year with such a strong flow of new listings despite the continued macro-economic headwinds. This shows the attraction of our core bond market proposition where we maintained our market leader position in products like private equity debt securities and high yield bonds and expanded into new markets, such as CLOs. The year was also a major milestone in the development of the business with the launch and onboarding of the first client for TISE Private Markets.”
During the year, TISE’s leading European professional bond market, the Qualified Investor Bond Market (QIBM), listed a record 2,596 new issuances, comprising 827 entirely new security classes, as well as an additional 1,769 further issues to existing listings.
The relative resilience of M&A activity and the value to clients of a well-trodden path to listing offered by QIBM helped maintain a solid flow of new listings on TISE, including private equity debt securities which reached a record 1,977 at the end of 2023. The recovery of the high yield market during the year helped take the total number of high yield bonds listed on TISE to a record 420. Securitisations listed on TISE grew to a record high of more than 500, despite the subdued market conditions, while TISE secured a breakthrough in CLOs, with 31 new listings in this product line during the year.
There was further diversification in the geographical origin of new listings on QIBM during 2023. The UK remained the largest single source of new business, however more than 25% of all securities newly listed on QIBM last year originated from the EU, including issuers domiciled in Austria, France, Germany, Ireland, Luxembourg, Sweden and The Netherlands. Around 4% of new business came from the US and Canada.
During the last three years there has been growth and internationalisation of Member firms who facilitate business on TISE. The international Membership base grew again during 2023, with the first new Member from Bermuda and another from Jersey taking the total number of Members to 44 at the end of December.
Within its equity market, TISE has maintained its position as the second largest venue for listed UK Real Estate Investment Trusts (REITs) and grown its market share to more than 45% of all listed UK REITs. With 9 new UK REITs listed on TISE during 2023, the total number of UK REITs listed on TISE reached 43 at the end of last year.
TISE Sustainable, Europe’s most comprehensive sustainable finance segment, attracted new admissions during the year from Latin American telecoms brand, Liberty Costa Rica, and the global leader in the production of natural soda ash, WE Soda. By the end of 2023 there was a record £20.5 billion of listings on TISE supporting environmental, social and sustainable initiatives.
Beyond its public market, the launch of TISE Private Markets during last year gives unlisted companies a more efficient way to trade their shares. With the number of substantial private companies in the UK and Channel Islands growing by 4,700 over the last decade to nearly 20,000 and the well-publicised stagnation of the public markets, TISE Private Markets provides them with unique access to a set of integrated electronic solutions, including auction trading, settlement and registry management. Blue Diamond Limited, the leading garden centre group based in the UK and Channel Islands, became the first company to join TISE Private Markets.
Mr Vermaas added: “I am very pleased with the progress we have made as a business during 2023. For three years in a row now we have continued to grow and deepen our bond market while also establishing a more diversified and scalable business model. The launch and onboarding of the first client for TISE Private Markets during our 25th anniversary year is a great innovation that provides the foundation for the continued expansion of our product and service offering. It is a very exciting time for everyone connected to TISE.”