Qualified Investor Bond Market

TISE is one of Europe’s leading Stock Exchanges for international bond listings providing compelling differentiators when compared with other European listing venues. 1,800 issuers from 30 countries list over 3,000 bonds on our dedicated Qualified Investor Bond Market (QIBM).

Documents
  • QIBM brochure.pdf
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  • QIBM Listing Rules - August 2021.pdf
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  • QIBM Listing Fees & Charges Schedule August 2021.pdf
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QIBM

The TISE bond market 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; and

• Secondary Market Trading Rules.

Qualified investor also includes "Professional Clients” as described in Annex II of MiFID II (2014/65/EU).

There are no minimum denomination stipulations.

 

QIBM Listing Rules

TISE is an independent European listing venue positioned outside of EU/UK Prospectus, Market Abuse, Transparency and Securitisation Regulations.

We provide a single, dedicated, all-inclusive bond rule book which sets out a proportionate disclosure regime for all bond products and structures.

We remain open to accommodate new and innovative products as they develop. Applications are made via the completion of a single composite TISE 1 Form and can be submitted via email OR via our dedicated online portal.

TISE Guarantee

Our market facing listing team guarantees review timelines (3+1) in order that issuers might 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 subsequent submission(s).

We will return comments immediately on completion rather than waiting for a day 3 close of business. We facilitate same day approval where an application for approval has been received by 12 GMT. Supplemental listing documents are processed within 1 business day.

We commit to same day listing of final terms issued under a programme when received prior to 12 GMT.

Competitive Fees

TISE offers once-off ‘Lifetime Fee’ payment solutions that can save issuers significant sums on both listing and administration costs in comparison with our European peers.

Programmes
• TISE Approved Programme = £4,200 with no annual update requirement
• Drawdown Listing Document = £3,500
• Programme Supplements = £0
• Final Terms issued under programmes £800 per bond listed irrespective of product type, duration or amount issued

Standalones
• Bank, Corporate (Investment Grade) & Sovereign = £8,000
• CLO, Securitisation & Derivative = £10,000

International 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 recognition also includes the US SEC (Designated Offshore Securities Market) and German regulator BaFin (German UCITS eligibility).

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.

TISE is an actively engaged participant of the wider securities industry with official memberships extending to the Association for Financial Markets in Europe (AFME), the International Capital Market Association (ICMA), the International Organisation of Securities Commissions (IOSCO) and the World Federation of Exchanges (WFE).

Bond programmes & TISE Passport

TISE Approved Programme - A bond programme reviewed and approved by TISE and subject to a £4,200 fee, however annual programme updates are not required. Each drawdown listing document issued under a programme may choose to pay a lifetime fee of £3,500.

TISE Passport Programme - A pan-European fast track listing service available for bond programmes already approved by a national competent authority within the European Economic Area (EEA) or UK. TISE 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 final terms on TISE. TISE will provide next day approval of a TISE Passport Programme if passported / received by 12 GMT with an immediate facility to list. No fees are payable to complete a TISE Passport, thereafter it’s £800 per bond listed.

Final Terms - We commit to same day listing when the final terms of a specified bond issued under a programme are received prior to 12 GMT. Final terms issued under Programmes are £800 per bond listed irrespective of product type, duration or amount issued.

The most comprehensive sustainable segment in Europe providing visibility to both sustainable securities and sustainable issuers giving both equal opportunity to demonstrate their unique sustainable credentials.

TISE is a Partner Exchange of the United Nation’s Sustainable Stock Exchanges (SSE) initiative and is committed to being part of a sustainable capital markets ecosystem.

On submission of an application form which includes a website link to where both existing and future sustainability reporting will be located no further administration is required.

There are no additional fees associated with an admission to TISE Sustainable.

 

Find out more about TISE Sustainable

TISE International Listing Agents

Applications to TISE are submitted via our extensive network of international bond listing agents which include leading Guernsey, Jersey, IoM and Dublin based law firms.

Following the approval of a Bond Programme, issuers may send final terms either directly OR via their appointed Listing Agent.

 

View our Listing Agents

How to List Bonds on TISE

The Submission Process  

 The procedure for listing comprises three stages: 

  1. Application for Listing - The applicant, through its appointed Listing Agent, must submit certain documents to TISE as required by the QIBM Listing Rules. Documentation requirements include a Listing Document, which can take the form of an existing published prospectus, offering memorandum or scheme particulars, together with supporting documentation such as accounts, where applicable, or certain material contracts as well as various standard application forms provided for within the QIBM Listing Rules. 

  2. Approval - All applications for listing will be processed by the staff of TISE Listing Department. Once satisfied with an application they will submit a report, including their recommendations to TISE’s Listing and Membership Committee (LMC) for its consideration. 

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

 

The key points of reference for this journey:

  • Listing Agent - A Listing application must be made via one of our dedicated listing members 
  • QIBM Listing Rules - We provide a dedicated all-inclusive rule book which sets out a proportionate disclosure regime for all bond products & structures
  • Listing Fees – Our fees are extremely competitive when compared with other listing venues. TISE offers once-off ‘lifetime’ payment solutions that can save issuers significant sums on both listing and administration costs 
  • Continuing Obligations - TISE post-listing continuing obligations can be located at chapter 3 of the QIBM Listing Rules 

Bond products

High Yield Bonds
Robust yet proportionate rules from a recognised exchange with a familiar approach to high yield
ILS
The convergence of insurance and capital markets through world first listings of Insurance Linked Securities
Convertibles
A pragmatic admissions process allows for speedy and cost-effective listings of this product
Corporate Bonds
A cost-effective and proportionate venue for listings by bank & company issuers
Private Equity Debt Securities
The listing venue of choice for many leading private equity houses who list bonds
Securitisation & CLO
Home to a growing number of European & US securitisations including deals from major UK banks
Derivative Bonds
A uniquely positioned listing solution for Derivative Bonds - the underlying can include a security, index etc.
Sovereign Bonds
Bespoke arrangements available for Sovereign, local authorities or public international bodies seeking to list
Sukuk
We are home to a number of Islamic finance, Sharia compliant structures including those which issue sukuk.
For more information please contact us.
Anthony Byrne
Anthony Byrne
Head of Bond Markets