There are several steps towards issuing debt, which all issuers have to take. Admission to listing and admission to trading are parallel processes, in which London Stock Exchange and the UK Listing Authority (UKLA) work together with issuers and their advisers (see the listing process).
The listing process
We work closely with the UK Listing Authority (UKLA) and key advisers to ensure a timely and cost effective listing process that will best suit issuers’ needs.
Our team maintains close communication with issuers and advisers to facilitate the listing process. Our good working relationship with the UKLA ensures that the issuers understand the requirements and process and that they receive prompt attention.
Listing debt is a two-stage process. In the first instance, the UKLA admits debt securities to its Official List after approving the prospectus or the listing particulars (in case of securities admitted on the Professional Securities Market - PSM). Then application for admission to trading is made to the Exchange. The process is designed to be as efficient and transparent as possible.
The UKLA follows a clear schedule when approving a prospectus or listing particulars for debt securities, under which first comments will be provided within 4 working days for most issues. Every application for the listing of debt securities in London will be allocated a dedicated reader, which enables continual information sharing and easy access to the UKLA.
Admission to trading
The process of admitting securities for trading by the Exchange once they are admitted to the Official List by the UKLA takes no longer than 2 clear working days.
Once the securities are admitted to trading, the issuer must observe certain ongoing obligations with regard to inside information, the dissemination of relevant information, and the publication of annual accounts.
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In the primary market the UKLA approves all applications and grants admission to the Official List. Thereafter it monitors issuers' compliance with their continuing obligations for the duration of the listing.
The UKLA's Rule Book is the bible for bond issuers and their advisers, laying out all the rules and regulations for issuing bonds and obligations throughout the life of a debt instrument.
Agreeing the timetable well in advance, appointing experienced advisers and submitting a complete listing document are the best ways to ensure a quick turnaround.
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