Fixed Income Pulse: London Stock Exchange's International Securities Market welcomes 100th bond

London Stock Exchange plc welcomed the 100th bond admitted to its International Security Market (ISM) on 1 August 2019, with ICBC’s £600 million sterling bond. 
Since its launch, ISM has admitted bonds from 42 issuers located in 16 countries across 6 continents and has raised £26.5 billion in 13 currencies. In addition, the deal structures have included investment grade and high-yield corporate debt, green bonds, asset-backed securities (ABS), sukuk, structured notes, off-shore local currency issuance and domestically settled issuances under local law, to name a few. This variety reflects investor confidence in its regulatory framework and an international issuer base.

Issuer country of incorporation and Issuer type

Source: London Stock Exchange, August 2019

“Since launch, ISM has successfully built a community of issuers and advisors who have raised debt capital through the efficient platform that London offers”
Shrey Kohli, Head of Debt Capital Markets and Funds

ISM - Helping issuers fund in multiple currencies
(amount raised £m)

ISM - Helping issuers fund in multiple currencies

Source: London Stock Exchange, August 2019

Maturity Profile of ISM deals - longer tenors supported
(amount raised £m)

Maturity Profile of ISM deals - longer tenors supported

Examples of types of securities admitted to ISM

Asset-backed securities

Prunelli Hong Kong and Prunelli UK Asset Purchaser Limited, originated by Standard Chartered Bank

Third Party Guaranteed (partially or fully) issuance

Sindicatum Renewable Energy Green bonds, Guaranteed by GuarantCo


AFH Financial Group’s Collateralised-Unsecured Loan Stock (CULS)

Issuances by AIM companies

Victoria plc
APQ Global plc (CULS)

Local currency, Africa

Quantum Terminals (Ghanian Sedi)

Local currency, Asia

Komodo, Masala,
Dim sum, Philippine Peso

Local currency, domestically settled, local law

Barclays’ A$ Kangaroo programme
Fiji’s Green Bond

Regional bond

Kerala Infrastructure Investment & Fund Board (KIIFB)

Regulatory capital

Barclays AT1 Capital Notes

Sovereign bond

Fiji (local currency), Sri Lanka and Chile 

Structured Products

Investec Bank


NMC Healthcare


Benefits of an International Securities Market Admission
London Stock Exchange’s ISM is an Exchange regulated market for debt issuers. It provides issuers of securities targeted at professional investors with the benefits of London’s extensive experience as a global financial centre, whilst offering an efficient and tailored admission process pursuant to its innovative Rulebook.

As an Exchange regulated market, ISM operates under its own Rulebook, which provides for tailored security specific disclosure.

Admission particulars for ISM are approved by London Stock Exchange’s Primary Markets Regulation team. Issuers benefit from a streamlined process, dedicated relationship management and product and regulatory fixed income teams guiding the issuer and/or their advisors through the admission process. Listing Agents may also be used by issuers if they choose to do so.

ISM also offers a simplified disclosure regime for issuers with securities admitted to suitable exchanges, allowing issuers to admit securities to ISM with reduced disclosure: in some cases only pricing supplement information will be required. The Rulebook also includes innovative and unique provisions, including incorporation by reference of routine financial disclosure or inside information as required to be made public under the Market Abuse Regulation (thereby negating the need for preparing supplementary programme documentation as may be required under the EU Prospectus Regulation (EUPR). An ISM admission can also ensure that those issuers who wish to maintain consistency with regards to the drafting of risk factors for their Eurobond programmes with their global programmes (i.e. for jurisdictions where the new EU PR rules on risk factors do not apply) can choose to do so. For example, an issuer can choose to have the same wording in their US documentation and ISM programmes (please see our update on the EU PR and impact on Fixed Income issuers here).

In addition to this, common hardwired derogations are incorporated into the Rulebook and ISM also offers tailored disclosure requirements for issues of asset backed, convertible or insurance linked securities.

Please visit our website or reach out via or +44 (0)207 797 3921 if you have any questions on listing debt or debt-like instruments on London Stock Exchange’s fixed income markets.
International Securities Market team
London Stock Exchange plc
T: +44 (0) 207 797 3921

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