London Stock Exchange. Debt Markets

Transcription

1 London Stock Exchange Debt Markets

2 London, the world s financial centre The London Stock Exchange Group operates at the heart of the world s financial centre Internationally focused open market culture Leading global investment banking centre World s largest pool of international equity assets USD 1.51trn of international equity AUM Largest centre for international banking, with 19% of cross-border lending Leading foreign exchange trading centre with 37% of global turnover The key western centre for Islamic finance Global centre for derivatives trading, with 46% of OTC interest rate turnover 18% of global hedge fund assets managed in London, 75% of the European HF market Sources: International equity AUM sourced from Ipreo research, Q Other data sourced from CityUK Financial Markets in the UK, April

3 London Debt Markets London is leading centre for international eurobonds London-based firms account for 60% of the primary market and 70% of the secondary market London Stock Exchange is one of the world s major centres for issuing and listing of all types of debt securities Currently over 15,500 debt securities listed on London Stock Exchange in 38 different currencies In 2013, over 360 billion raised on our debt markets through 1,300 international and 1,562 domestic issues 3

4 London Debt Markets Source: CityUK, Bond Markets

5 Dim Sum Bonds Currently 19 RMB denominated bonds listed on London Stock Exchange s markets, for a combined outstanding amount of almost CNY 14 billion Dim Sum Bond issues in Q Issue date Issue size Bank of China Limited 17/01/2014 CNY 2,500,000,000 Lloyds Bank 17/01/2014 CNY 200,000,000 BP Capital Markets 28/02/2014 CNY 1,000,000,000 International Finance Corporation (World Bank) 11/03/2014 CNY 2,000,000,000 Other entities that have listed RMB denominated bonds on London Stock Exchange s markets include: European Bank for Reconstruction & Development HSBC Morgan Stanley Mitsui & Co. Australia & New Zealand Banking Group 5

6 Benefits of listing Debt in London Prestige of globally respected exchange - listing on highly visible market allows a company to raise its profile with investors worldwide Competitive listing costs London is the only major listing venue which does not charge an annual fee to issuers Wide range of security types all types of bonds and eurobonds, in addition to warrants and structured products Choice of two routes to market Main Market or Professional Securities Market 6

7 Benefits of listing Debt in London UKLA has solid reputation as fair, effective and efficient regulator - by complying with its disclosure and regulation standards, an issuer can enhance its standing within the global investment community Personalised service from a UKLA Debt Specialist throughout the listing process Issuers and advisors can contact UKLA directly to discuss proposed transaction timetables or technical matters without the need for an intermediary no requirement for a listing agent or sponsor to manage relationship between UKLA and issuer 7

8 Listing and Admission Two stage process Listing admission to the UK Official List, process managed through UK Listing Authority UKLA Global Debt Group: +44 (0) opt. 6 listingapplications@fca.gov.uk Admission to Trading admission to the London Stock Exchange s markets, process managed with the Admissions team at the Exchange LSE Admissions: +44 (0) admissions@lseg.com 8

9 UK Listing Authority Highly efficient regulator with solid expertise and specialist knowledge Offers personalised service from a UKLA Debt Specialist throughout the listing process Issuers and advisors can contact UKLA directly to discuss proposed transaction timetables or technical matters without the need for an intermediary no requirement for a listing agent or sponsor to manage relationship between UKLA and issuer 9

10 London Stock Exchange s markets Choice of two markets for debt securities Main Market Professional Securities Market Eligibility requirements for both markets minimum value of issue of 200,000 free transferability of debt securities all securities of same class to be listed

11 London Stock Exchange s markets EU-Regulated Market under MiFID Full Prospectus required Securities subject to Chapters 2 and 17 of the UK Listing Rules Admission of both wholesale and retail bonds Exchange-Regulated No requirement for full Prospectus, only Listing Particulars necessary Subject to Chapter 4 of the Listing Rules Admission of wholesale securities only

12 Contact us Fixed Income Team London Stock Exchange Mail: Tel: +44 (0)