The Isle of Man Treasury lists £400m sustainable bonds on TISE

Wednesday, 15 Sep 2021

The Isle of Man Treasury has listed £400 million sustainable bonds on The International Stock Exchange (TISE).

The Isle of Man Treasury £400 million 1.625% Sustainability Notes due 2051 have been listed on TISE’s Qualified Investor Bond Market (QIBM) and admitted to its sustainable market segment, TISE Sustainable.

The issuance is in line with the Isle of Man Government’s newly-established Sustainable Financing Framework, which is aligned to the International Capital Market Association (ICMA) Green Bond Principles, ICMA Social Bond Principles and ICMA Sustainability Bond Guidelines, and which has received a Second Party Opinion from Sustainalytics. The eligible projects covered in the Sustainable Financing Framework include clean transportation, energy efficiency, affordable housing, education and healthcare.

HSBC acted as Sole ESG Structuring Advisor.

Anthony Byrne, Head of Bond Markets at TISE, said: “I am delighted to welcome The Isle of Man Treasury’s £400 million sustainable bonds to listing on our recently launched Qualified Investor Bond Market (QIBM) and admission to our sustainable market segment, TISE Sustainable. This listing from The Isle of Man Treasury is another milestone in the ongoing growth of TISE as a major European market for professional bond issuances, including those supporting environmental, social and sustainable initiatives. My thanks to all transaction parties involved for engaging directly with TISE from the outset in bringing this significant sovereign issue to listing on the QIBM.”

The bonds are rated Aa3 by Moody’s and were offered under standalone documentation.

“This listing from The Isle of Man Treasury is another milestone in the ongoing growth of TISE as a major European market for professional bond issuances, including those supporting environmental, social and sustainable initiatives.”

Banco Santander S.A., Barclays Bank PLC and HSBC Bank plc acted as joint lead managers with international law firm Dentons acting as lead counsel to the joint lead managers.

EY acted as Independent Financial Advisor.

Clifford Chance LLP acted as Legal Advisor to The Isle of Man Treasury team.

Caldric Randall, Chief Financial Officer at The Isle of Man Treasury, said: “We are very pleased to list these bonds on TISE. We have been delighted by the strength of institutional demand for our debut issue of sustainable bonds. This demonstrates that investors recognise the Isle of Man’s fiscal strength and, through our new Sustainable Financing Framework, the Government’s commitment to protecting and enhancing the environment in the Isle of Man as well as investing in the community for the long term. I would like to thank the team at TISE for their responsiveness in ensuring a smooth and efficient listing.”

Cains Advocates Limited acted as lead Isle of Man Counsel to the Treasury on the transaction and Cains Listing Services Limited (CLSL), part of the Cains Group has been appointed to act as listing agent for The Isle of Man Treasury in respect of the listing.

Carolyn Gelling, Head of Equity Markets at TISE and lead in the Isle of Man for TISE, said: “With TISE having had a presence in the Isle of Man since 2017, we are extremely pleased to see this domestic sovereign bond list on TISE. This further demonstrates the ecosystem which has been built up in the Isle of Man around listings on TISE, which has brought a new revenue stream to the island from both local listings and those facilitated through local professional services firms. Furthermore, it is a pleasure to be able to assist in an issuance which is intended to bring a range of environmental, social and sustainable benefits to the Isle of Man.”

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Anthony Byrne
Anthony Byrne
Head of Bond Markets
Carolyn Gelling
Carolyn Gelling
Head of Equity Markets