London Stock Exchange Group (LSEG) has added a new market –the International Securities Market (ISM) – for the issuance of primary debt targeted at institutional and professional investors. The exchange-regulated multilateral trading facility (MTF) market will operate alongside London Stock Exchange Plc other markets.
Close to 13,000 debt instruments are actively listed on London Stock Exchange’s fixed income markets, with more than GBP 3.4 trillion equivalent raised. Over 1,180 international issuers have issued debt in 37 currencies on London’s debt markets.
Nigeria listed $1 billion Eurobond in London in February 2017. “The International Securities Market will provide UK and international fixed income issuers an additional efficient London listing venue, giving them access to the City’s deep pool of global capital and an international investor base,” said Nikhil Rathi, CEO, London Stock Exchange Plc.
ISM has been designed to meet the demands of issuers and investors to improve the effectiveness and competitiveness of the UK primary debt markets.
LSE plc will publish a market consultation at the end of March on the ISM’s proposed rulebook, prior to the launch of the ISM expected in Q2 2017, subject to regulatory approval. There are a significant number of UK and international issuers with a clear preference to list debt on such a platform in London.
ISM will provide greater choice for a variety of fixed income issuers seeking access to London’s uniquely deep pool of international capital, providing an efficient and customer focussed admission approach, underpinned by appropriate standards of regulation.
Iheanyi Nwachukwu
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