Listing Corporate Debt – How Things Have Changed

​Walkers' London office has a well-established listings practice, helping some of our clients obtain debt and equity listings on a number of different stock exchanges. In this space at the moment, we most often see corporate groups listing their internal debt on a recognised stock exchange, to benefit from the UK withholding tax exemption - with the Cayman Islands Stock Exchange (the "CSX") being the exchange of choice for such listings. From our London office, we have acted for well over a quarter of the current CSX listed corporate debt issuers.

Historically the structure we would most often come across would be a straightforward one - a US listed parent with a UK subsidiary issuing intra-group debt that was to be listed on the CSX, to benefit from the UK withholding tax exemption. These days the corporate group structures are anything but straightforward, with debt being issued by companies in an array of different jurisdictions.  We are also seeing