The International Stock Exchange (TISE) listed 831 securities during 2020 against the backdrop of the coronavirus pandemic.
This is the second highest annual total of new listings since the inception of the Exchange – eclipsed only by 2018 – and represents a 27% increase on 2019.
In total, 3,162 securities were listed on TISE at the end of December 2020, a rise of 6% year on year.
Cees Vermaas (pictured), CEO of The International Stock Exchange Group, said: “Our business flows have held up well this year, despite the impact of Covid-19 across the world.
"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.”
High-yield market
During 2020, TISE has maintained its dominance in the European high-yield bond market. There were 124 high-yield securities issued by companies such as telecomms firms Altice and Eircom, luxury car manufacturer Aston Martin, Legoland owner 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 Liberty Global and Telefónica financing vehicle for the merger of Virgin Media and O2; UK pub chain Stonegate Pubs; and debut issuer First Quantum Minerals.
Overall, the total number of high-yield bonds listed on TISE reached 291 at the end of December 2020.
Listed debt securities on TISE have also included a growing number of securitisations, with prominent deals including UK banks Barclays, HSBC, Lloyds and NatWest, as well as other global financial institutions.
REITs growth
TISE has also continued to grow its market share in UK real estate investment trusts (REITs). Eight UK REITs were newly admitted to the Exchange during 2020, with investors from various international jurisdictions comprising sovereign wealth funds, pension funds, major global financial institutions and specialist property investment groups.
This took the total number of UK REITs listed on the Exchange to 29 at the end of December 2020, which represents more than 30% of the UK REITs market.
Cees Vermaas 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.
“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.”