The International Stock Exchange (TISE), headquartered in Guernsey, listed 831 securities during 2020 against the backdrop of the coronavirus (COVID-19) global pandemic.
This is the second-highest annual total of new listings since the inception of the Exchange – eclipsed only by a bumper 2018 – and represents a 27% increase on 2019. It means that there was a total of 3,162 securities listed on TISE at the end of December 2020, a rise of 6% year-on-year.
Cees Vermaas, CEO of The International Stock Exchange Group, said: "It is really pleasing that our business flows have held up so well this year, despite the impact of COVID-19 across the world. What we have seen is that while COVID-19 may have disrupted or slowed some market activity, it has also generated other new listings business as companies refinance, whether opportunistically or essentially, in the face of the changing economic conditions."
During 2020, TISE maintained its position as a leader in the European high yield bond market.
There were 124 high yield securities issued by companies such as telecommunications firms Altice and eircom, luxury car manufacturer Aston Martin, LEGOLAND owners Merlin Entertainments, transport operator Stena, and US digital content platform and producer Netflix, which were listed on TISE during the year.
This also included three of the largest 10 transactions in the third quarter of the year: the largest being the Liberty Global and Telefonica financing vehicle for the merger of Virgin Media and O2; the UK's largest pub chain, Stonegate Pubs; and debut issuer First Quantum Minerals. The total number of high yield bonds listed on TISE reached 291 at the end of the year.
Listed debt securities on TISE have also included a growing number of securitisations, with prominent deals including major UK banks Barclays, HSBC, Lloyds and Natwest, as well as other global financial institutions. TISE has also continued to grow its market share in UK Real Estate Investment Trusts (REITs). Eight were admitted to the exchange during the year, a total of 29 are now listed, which represents nearly a third of the UK REIT market.
Mr Vermaas, who took up the Chief Executive role during 2020, added: "These trends not only demonstrate our resilience in being able to continue to operate the market safely and effectively in the face of unprecedented events, but at the same time, develop our proposition as a responsive and cost-effective listing venue. Ultimately, issuers are recognising the high-quality service which we provide for listing a range of debt and equity securities.
"2020 brought us all many challenges but it also proved that TISE is well positioned for the future. In 2021 and beyond, our efforts will be focused on further growing our share of the European debt market, as well as developing our wider proposition as a leading venue for listing and trading."
Originally Published by Guernsey Finance, January 2021
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