TISE reports sustained listings growth in first half

Thursday 11 July 2024

The International Stock Exchange (TISE) listed 444 securities during the first half of 2024, an 18.4% increase on the equivalent period last year.

The new listings contributed to the total number of securities on TISE’s Official List reaching 4,371 at 30 June 2024, which is an increase of 5.6% year on year and a record high in the history of the Exchange.

The total market value of all listed securities surpassed the £700 billion mark for the first time, reaching £708 billion at the end of June.

Cees Vermaas, CEO of TISE, said: “I am delighted to report strong listing volumes on our public market during the first half of 2024. Global macro-economic conditions had subdued listing activity across the European corporate bond markets during the last couple of years but, with inflation under control, interest rates coming down and an improved outlook for growth, business flows have now started to recover. We are very pleased that clients continue to recognise our strengths as a leading European venue for listing bonds offered to institutional and professional investors.”

During the first half of the year, there were 436 newly listed securities admitted to TISE’s leading European professional bond market, the Qualified Investor Bond Market (QIBM). TISE has maintained its market-leader position across both private equity debt and high yield bonds. Driven by a return to more stable macro-economic conditions and the value to clients of a proven path to listing offered by TISE, private equity debt (147 securities) remained the largest product type for newly listed securities during the first half. There are now nearly 2,000 private equity debt securities listed on TISE.

TISE is also widely recognised as Europe’s leading market for listing high yield bonds, with the total number on the Exchange climbing to more than 450 at the end of June. There were 64 newly listed high yield bonds during the first six months of the year, nearly three times more than in the same period last year, as borrowers refinanced (or repaid) their outstanding debts, and latterly, more new issuances came to market. Issuers listing high yield bonds on TISE during the first half of the year included global brands Aston Martin, Avis, Carnival, Dufry, Flutter Entertainment, MAHLE and TUI.

With the securitisation market also rebounding in 2024, TISE listed 62 securitisations during the first half, more than double the number during the equivalent period in 2023. TISE continues to grow its reputation as a listing venue for this debt product and has more than 500 securitisation bonds admitted to its Official List.

There were eight newly listed securities across TISE’s equity market during the first six months of the year. This included four UK Real Estate Investment Trusts (REITs), with Highcroft Investments Plc delisting from the London Stock Exchange (LSE) and listing on TISE. Continuing to build its position as the second largest venue for listed UK REITs, there are currently 45 UK REITs listed on TISE, which is just short of the total admitted to the LSE.

The UK remained the largest single source of new business, followed by Luxembourg and Jersey. More than 25% of all securities newly listed on TISE during the half-year 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, and a smaller but significant proportion from Australia.

Mr Vermaas added: “This is a very positive opening six months of the year. We saw strong growth in new listings during the first quarter and this has continued through the second quarter as the soft-landing narrative has been sustained, primarily owing to the resilient growth in the US economy. M&A activity is returning, the wave of refinancing continues and now a lower interest rate environment is bringing more new high yield corporates to the market. A continuation of this upward momentum in the economic picture gives us reason to be optimistic for the second half of the year.”