TISE reports on record year in 2023

Posted: 18/01/2024

The International Stock Exchange (TISE) listed a record number of new bond issuances on its public market during 2023, when it also launched TISE Private Markets.
 
Despite continued adverse macro-economic conditions, there were 842 new listings. The total number of listings on TISE’s Official List reached 4,262 at the end of December, up 6% year on year and the highest since the inception of the Exchange in 1998.
 
Bond market

During the year, TISE’s 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.

Geographical diversification
 
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, but 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 on TISE. The international membership base grew again during 2023, with the first new member from Bermuda and another from Jersey, taking the total 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 nine 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
 
TISE Sustainable attracted new admissions during the year from Latin American telecoms brand Liberty Costa Rica and natural soda ash producer WE Soda. By the end of 2023 a record £20.5bn of listings on TISE supported environmental, social and sustainable initiatives.   
 
Beyond its public market, the launch of TISE Private Markets 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 gives them access to integrated electronic solutions, including auction trading, settlement and registry management.

Blue Diamond, the garden centre group based in the UK and Channel Islands, became the first company to join TISE Private Markets.


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