TISE is one of Europe’s leading stock exchanges for international bond listings

Responsive. Innovative.

TISE Guarantee (3+1)

Our market facing listing team guarantees review timelines (3+1) in order that issuers and their advisors can plan their bond launch with certainty.

We commit to conduct an initial review of listing applications within 3 business days of first submission and within 1 business day of any subsequent submission(s).

We will return our initial comments immediately on completion rather than waiting for the day 3 close of business.

We facilitate same day approval when the final application for approval has been received by 12:00.

Supplementary listing documents are processed within 1 business day.

We commit to the same day listing of final terms issued under a bond programme when received prior to 12:00.

For more information, please visit our QIBM Listing Rules.

QIBM Listing Rules

Qualified Investors

Our Qualified Investor Bond Market (QIBM) is wholly dedicated to listing bonds offered solely to Qualified Investors (institutional investors, professional investors and other investors experienced and knowledgeable in investing in bonds) as supported by our Primary Market QIBM Listing Rules, Secondary Market Trading Rules and Membership Rules.

Qualified Investor includes, amongst other definitions, “Professional Clients” as described in Annex II of MiFID II (2014/65/EU).

TISE is an independent European listing venue uniquely positioned outside of the EU & UK Prospectus, Market Abuse, Transparency & Securitisation Regulations. We provide a dedicated, all-inclusive rule book which sets out a proportionate disclosure regime for all bond products & structures.

There are no minimum denomination stipulations associated with listing on the QIBM.

Applications are made via the completion of a single composite TISE 1 Form and can be submit via email or via our dedicated online portal, MyTISE.

For more information, please visit our QIBM Listing Rules.

QIBM Listing Rules

Global Recognition

TISE is a “Recognised Stock Exchange” for the purposes of both S.1005 of the UK’s Income Tax Act 2007 and S.64 of Ireland’s Taxes Consolidation Act 1997 (Quoted Eurobond Exemptions).

Global recognitions also include the US SEC (Designated Offshore Securities Market), German regulator BaFin (Approved Stock Exchange) and Australian Securities Exchange (Recognised Stock Exchange).

TISE listed bonds are eligible as investments for UCITS established in all of Europe’s leading UCITS jurisdictions, subject to the requirements of national implementing legislation.

We are an actively engaged market participant in the wider securities industry with official memberships including AFME, ICMA, IOSCO, QCA, UN SSE and WFE.

For more information, please visit our Why TISE? page

3,500+ Listed Bonds

We are one of Europe’s leading Stock Exchanges for international bond listings. 2,000 issuers from 35 countries list over 3,500 bonds on the QIBM.

2021 was the most successful period for new bond listings since our inception, with over 1,000 new listings.

We facilitate the listing of all bond products including Convertible Bonds, Derivative Bonds, High Yield Bonds, Investment Grade Bonds, Insurance Linked Securities (ILS), Private Equity Debt Securities, Securitisation including CLO, Short Term Paper, Sovereign Bonds, Sukuk and Sustainable Bonds.

For more information, please see the QIBM Official List below.

QIBM Market Data

TISE Passport

A pan-European, fast-track listing service available for those bond programmes already approved by a national competent authority within the EEA or UK.

We will accept a pre-vetted bond programme where it has been wrapped with our templated TISE Passport Letter.

The completed TISE Passport Letter and corresponding bond programme together constitute a TISE Passport Programme for the purposes of listing via final terms on TISE.

We will provide same day approval of a TISE Passport Programme if passported/received by 12:00.

We commit to same day listing when the final terms of a specified bond issued under a programme are received prior to 12:00.

No fees are payable to complete a TISE Passport, thereafter its £800 per final terms listed, irrespective of product type, duration or amount issued.

For more information, please visit our QIBM Listing Rules.

QIBM Listing Rules

Competitive Fees

We offer one-off ‘lifetime’ payment solutions that can save issuers significant sums on both listing & admin costs versus other European listing venues.

Standalones

Bank & Corporate (investment grade) & Sovereign = £8,000

CLO, Securitisation & Derivative = £10,000

Programmes

TISE Approved Programme = £4,200 with no annual updates required

Programme Supplements = £0

Drawdown Document = £3,500

Final Terms issued under programmes = £800 per final terms listed irrespective of product type, duration or amount issued

The full listing fee schedule can be accessed below:

QIBM Listing Fees

Investment Grade Corporate Bonds

We are uniquely positioned to offer both a cost-effective & proportionate listing solution to corporate (bank & company) issuers of investment grade bonds.

Investment grade corporate issuers listing on our market include Blackstone, Canary Wharf Group Investment Holdings, China Cinda, Société Générale and Willis North America.

Such issuers may avail of our one-off ‘lifetime’ payment solution of £8,000.

Private Equity Debt Securities

We are the listing venue of choice for many leading US, UK and pan-European private equity houses who list debt securities financing the acquisition of portfolio companies.

We have developed a specialism in this area, with a knowledgeable team executing an efficient and cost-effective service for listing private equity-backed debt securities.

The total number of Private Equity Debt Securities listed on TISE reached 1,655 at the end of 2021. There were 531 newly listed Private Equity Debt Securities in 2021.

Convertible Bonds

We are increasingly seen as the exchange of choice for listing Convertible Bonds because we not only fulfil the requirements of being a ‘Recognised Stock Exchange’, but we also have a pragmatic admissions process which provides for speedy and cost-effective listings.

This is proving attractive to a growing number of companies from a wide variety of sectors choosing to list convertible bonds on our market including banking, construction, energy, food retailing, mobile telecommunications and property. Convertible issuers listing on TISE include Aberdeen Standard Investments, McClaren Racing, Gridserve Sustainable Energy and Green Energy.

Sovereign Bonds

Sovereign, local authority and public international body issuers should consult TISE at an early stage for information regarding our bespoke arrangements for such issuers.

The Crown Dependencies including the Bailiwick of Guernsey, the Bailiwick of Jersey and the Isle of Man are listing bonds on TISE.

Sovereign, local authority and public international body issuers may avail of our one-off ‘lifetime’ payment solution of £8,000.

Sukuks

We list a number of Islamic finance, Sharia compliant structures including those which issue sukuk.

Sukuk issuers may avail of our one-off ‘lifetime’ payment solution of £8,000.

Derivative Bonds

We are uniquely positioned to offer both a cost-effective & proportionate listing solution to issuers of Derivative Bonds where the underlying can include a security, index, interest rate, basket of underlying or investment fund.

Derivative bond issuers may avail of our one-off ‘lifetime’ payment solution of £10,000.

Short Term Paper

We offer the most cost-effective fee schedule in Europe to list Short Term Paper including Commercial Paper and Certificates of Deposit with pricing for as little as £225.

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.

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2. 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.

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3. 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.

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4. Listing

If the LMC approves the application, the Listing Document is then filed and the securities are admitted to the Official List. 

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Key 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

View our Listing Agents

Listing Rules 

We provide a dedicated all-inclusive rule book which sets out a proportionate disclosure regime for all bond products & structures

View our QIBM Listing Rules

Listing Fees 

We offer payment solutions that can save issuers significant sums on both listing & admin costs versus other European listing venues

View our QIBM Listing Fees

Continuing Obligations 

Post listing continuing obligations can be located at chapter 3 of the QIBM Listing Rules

View our QIBM Listing Rules

QIBM Market Data

2000

Issuers

35

Countries

3,500+

Bonds

A comprehensive list of securities listed on our Qualified Investor Bond Market

QIBM Documents

Europe’s most comprehensive sustainable market segment, enabling the flow of capital into investments that promote environmental, social or sustainable activities.

Sustainable

Membership

Becoming a Member is simple. We serve international firms who benefit from being able to facilitate listing and trading on our market.

Membership

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