Private Equity Debt
A proven, cost-effective and efficient venue of choice for listing Private Equity Debt
QIBM is the listing venue of choice for many leading US, UK and pan-European private equity houses who list debt securities to finance the acquisition of portfolio companies.
As part of the transaction, an issuer within an acquisition stack will issue loan notes to a private equity house, the management teams and/or other intragroup entities. The listing of the loan notes on a recognised stock exchange means that they are classified as Quoted Eurobonds and can benefit from the Quoted Eurobond Exemption.
As well as being a recognised stock exchange for the purposes of both the UK and Irish Quoted Eurobond Exemption, we have a knowledgeable team providing fast turnaround of listing applications in line with streamlined listing requirements and continuing obligations.
Fee Example: an issuer listing one security class
| Initial fees | Annual Fees | Year 1 Total: £9,100 Year 2+ Total: £1,750 |
|
| Issuer | £5,500 | ||
| Class | £1,600 | £1,750 | |
| Formal Notice | £250 | ||
| Sub-total | £7,350 | £1,750 |
How to List Bonds on TISE
The submission process
The procedure for listing comprises four stages
1. Satisfying Listing Conditions
Before an application to list a security is considered for submission to TISE, the appointed Listing Agent is required to vet the application against certain conditions for listing prescribed within the QIBM Listing Rules.
Read MoreLess2. Application for Listing
The applicant, through its appointed Listing Agent, must submit certain documents as required by the QIBM Listing Rules. Documentation requirements include a Listing Document (which can also take the form of an existing published prospectus, offering memorandum or equivalent document) together with supporting documentation such as accounts or certain material contracts (where applicable) as well as the TISE 1 Form & Listing Agent’s Declaration.
Read MoreLess3. Approval
All applications for listing will be processed by the team in our Listing Department. Once satisfied with an application they will submit a report, including their recommendations to TISE’s Listing and Membership Committee (LMC) for the LMC’s consideration.
Read MoreLess4. Listing
If the LMC approves the application, the Listing Document is then filed and the securities are admitted to the Official List.
Read MoreLessKey reference points
The key points of reference for the listing process:
Appoint a Listing Agent
A listing application must be made via one of our dedicated listing members
Listing Rules
We provide a dedicated all-inclusive rule book which sets out a proportionate disclosure regime for all bond products & structures
Listing Fees
We offer payment solutions that can save issuers significant sums on both listing & admin costs versus other European listing venues
Continuing Obligations
Post listing continuing obligations can be located at chapter 3 of the QIBM Listing Rules
Europe’s most comprehensive sustainable market segment, enabling the flow of capital into investments that promote environmental, social or sustainable activities.
Sustainable
TISE is one of Europe’s leading stock exchanges for international bond listings providing compelling differentiators when compared with other European listing venues.
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