Our transaction timetable gives you a good idea of how long the process can take. For simple structures or low risk transactions, the timetable can be shortened significantly. Appointing advisers with extensive experience of London bond listings, and agreeing the timetable well in advance should help shorten the process.
Applications
The listing application is normally submitted to the UKLA at the same time as the application for admission to trading is filed with the Exchange. The issuer’s advisers submit the draft listing particulars and supporting documents to the UKLA for review.
Listing particulars approved
The UKLA reviews the draft listing particulars to ensure that listing requirements are complied with and all material information in relation to the transaction is disclosed, so that investors can make a well informed decision when buying the bonds. When the listing requirements are met, the UKLA approves the listing document and the new bonds can be admitted to trading.
Listing and admission granted
Usually granted by the UKLA and the Exchange simultaneously, two working days after the listing particulars are approved.
Listing effective, trading can begin
Normally becomes effective the next business day after closing (see issuing debt: the steps) and no more than one week after approval of the listing particulars.