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The International Stock Exchange (TISE) says it has secured a very positive start to the year with 228 newly listed securities during the first quarter of 2024.
That's a 28.8% increase on the 177 securities listed during the equivalent period in 2023.
TISE said the new listings contributed to the total number of securities on its Official List reaching 4,313 at 31 March 2024, which is an increase of 6.4% year on year and a record high in the history of the Exchange.
The total market value of all listed securities stood at more than £670 billion at the end of the quarter.
Cees Vermaas, CEO of TISE, said: “I am delighted with the strong performance of our public market during the first quarter of 2024. Global macro-economic conditions had subdued listing volumes across the European corporate bond markets during the last couple of years. Activity started to pick up towards to the end of 2023 and this has continued during the opening months of this year as markets stabilised, funds began to deploy capital and refinancing requirements came more into focus. We are very pleased that allied to these improving market conditions, clients have continued to recognise our cost-efficient and expeditious service for the listing of bonds offered to institutional and professional investors.”
The UK remained the largest single source of new business for TISE, followed by Luxembourg. More than 20% of all securities newly listed on TISE during the quarter originated from the EU, including issuers domiciled in France, Germany, Ireland, Luxembourg and The Netherlands. Approximately 3% of new business came from the US and Canada.
Mr Vermaas added: “This is a very positive start to the year and I think we have grounds to be optimistic for the rest of 2024. Our Members who facilitate business on the Exchange are reporting a healthy pipeline of new business as economic growth outweighs recession, M&A activity returns strongly and we enter a wave of refinancing. A continuation of this upward momentum in the markets will enable us to build on our strong start going forward.”
Pictured top: Cees Vermaas.
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