The International Stock Exchange (TISE) listed 1,111 new securities during 2021, surpassing its previous record of 865 set in 2018.
The new listing record represents a 33.7% increase on the 831 securities listed during 2020. It takes the total number of listings on TISE to 3,669 at the end of 2021, a rise of 16% year on year.
Cees Vermaas, CEO of TISE, said: “It is fantastic to achieve such significant growth and set a record for the number of new listings on TISE during a year. At the same time, we have enhanced our core bond market proposition whilst ensuring the very highest standards of client service. This has helped to develop and diversify our business proposition and it has established a basis for further international growth in the years to come.”
As a leading European professional bond market, a key development at TISE during last year was the introduction of the Qualified Investor Bond Market (QIBM). The QIBM represents a dedicated exchange offering for the listing of bonds marketed solely to international ‘qualified investors.’
Across QIBM in 2021, there were a total of 2,397 new issuances listed, comprising 1,071 entirely new security classes, as well as an additional 1,326 further issues to existing listings. There were 142 securitisation bonds newly listed during 2021, which is more than double the number listed in 2020. Securitisation listings included prominent deals from major international banks backed by a range of asset classes including auto loans, credit card receivables, loans to SMEs, as well as residential and commercial mortgage-backed securities. In the same period, TISE further cemented its position as the leading European venue for listing high yield bonds. There were 151 high yield bonds newly listed on TISE last year, taking the total number of high yield bonds listed on TISE to 386 at the end of December. In addition, today there are bonds listed on QIBM from well over 100 bond programmes, with a 110% increase in the number securities listed via final terms in 2021 compared to the previous year.
Within its equity market, TISE has also built on its position as the second largest market for listed UK Real Estate Investment Trusts (REITs). There were 15 new UK REITs listed during 2021, including REITs backed by Man Group, Starwood Capital Group and Goldman Sachs. There are now 43 UK REITs listed on TISE, which represents more than 40% of the listed UK REIT market.
Overall, in 2021, the UK remained the largest single source of new business for TISE, followed by the Channel Islands and the Isle of Man. However, more than 20% of all issuers listing securities on TISE last year were domiciled in either Luxembourg, Ireland or The Netherlands.
TISE’s Membership base also saw its biggest growth in years, with 7 new Listing Agents last year from across Guernsey (2), the Isle of Man (1), Ireland (3) and Jersey (1).
TISE Sustainable, Europe’s most comprehensive sustainable market segment, was also launched in 2021 and during the year there was more than £8 billion of new listings on TISE supporting environmental, social and sustainable initiatives.
Admissions have included the first humanitarian catastrophe bond covering pure volcanic eruption; green bonds issued by the world’s largest recycler of aluminium, Novelis, the largest sustainable property developer in the UK, Canary Wharf Group, and UK telecommunications company VMED 02; sustainable bonds issued by a sovereign, The Isle of Man Treasury; and sustainability-linked bonds issued by Pfleiderer, a German headquartered company with 125 years’ history of sustainably manufacturing wood products.
Mr Vermaas added: “I am absolutely delighted with the progress we have made as a business during the last year and I would like to thank our valued Members for their business and trust in 2021. Also, I thank the TISE team that has been working so hard to achieve the progress we have made. I very much look forward to continue working with our clients, the TISE team and all our stakeholders during 2022 as we focus on sustaining future growth through diversification and scaling up our business.”