2017 was in many ways a landmark year for The International
Stock Exchange ("TISE"), representing a year of 40%
growth in the volume of new listings and increasing use by issuers
of TISE for high yield listings.
It will soon be the second anniversary of EU Market Abuse
Regulation No 596/2014 ("MAR") which came into force on 3
July 2016. This article, ahead of the second anniversary of
MAR having come into force, considers why this growth in TISE
listings of high yield bonds is occurring and what TISE is doing to
support this growth.
Why List?
Traditionally, high yield bonds have needed to be listed (on an
EU exchange or a non-EU exchange)for two reasons – firstly,
for the withholding tax exemption as explained below, and secondly,
to make them an option for EU and US investors which are subject to
investment restrictions requiring listed investments.
