First bonds list on new International Securities Market

  • NTPC’s 2nd 5-year Masala Bond admitted to International Securities Market (ISM)
  • ISM is an exchange-regulated MTF market for primary debt issuance, operating alongside London Stock Exchange plc’s other markets
  • Targeted at institutional and professional investors from around the world
  • Shri Piyush Goyal, India’s Minister of State for Power, Coal and Renewable Energy supports launch of new debt market
  • H.E. Mr. Yashvardhan Sinha, High Commissioner of India to the UK, attends launch

London Stock Exchange plc has welcomed the first bonds to list on its new International Securities Market (ISM), an additional market for the issuance and trading of UK and international primary debt targeted at institutional and professional investors. India’s NTPC Bond is now available for trading on ISM, which went live on 8 May 2017 following the publication of its rulebook.  

Virgin Money’s existing issue of AT1 capital securities, issued on 8 November 2016 and already listed on other markets, will also be admitted to trading on the ISM.

As one of the world's most international capital markets, around 70% of all bond secondary trading activity is conducted out of London and as such issuers on ISM have access to one of the deepest pools of global capital. ISM has been designed to meet the demands of issuers and investors to improve the effectiveness and competitiveness of the UK primary debt markets providing greater choice for a variety of fixed income issuers. To find out more click on ISM.

Nikhil Rathi, CEO, London Stock Exchange plc:
“London Stock Exchange is delighted to announce that its new International Securities Market is now live and welcomes the first bonds to begin trading on the platform. The International Securities Market will provide UK and international fixed income issuers an additional efficient London listing venue, giving them access to the City’s deep pool of global capital and an international investor base.

“In particular, we are honoured to welcome the support of Shri Piyush Goyal, India’s Minister of State for Power, Coal and Renewable Energy, for our new market. London Stock Exchange is the global home for Masala bonds raising over $5 billion for supranational, municipal and private company institutions on its markets. We are also very grateful for Virgin Money’s support of the new market. We remain committed to building on this position working to support future issuance through our innovative new debt market.”

Shri Piyush Goyal, India’s Minister of State for Power, Coal and Renewable Energy:
“I am pleased that India’s NTPC is one of the first companies to list their recent Masala Bond on London Stock Exchange’s innovative new debt market. London has been a long term partner for Indian firms looking to raise finance in the global capital markets and the development of an additional platform for the listing and trading of fixed income should be welcomed.”

Jayne-Anne Gadhia, CEO at Virgin Money said:
“We are delighted to support the new International Securities Market at the London Stock Exchange. The new market will improve the competitiveness of UK primary debt markets and support the requirements and demands of issuers and investors alike. Additional choice for debt issuers should attract future issuance and provide an efficient, broader and deeper market in the UK.”

Mr. Kulamani Biswal, Director (Finance) at NTPC said:
"The listing of NTPC Masala Bonds on ISM as the maiden issue on the market marks the growing cooperation between NTPC and LSE, this being the second time NTPC has listed its Notes on LSE. To NTPC and other issuers from India and across the globe, this provides an opportunity to access quality investors for meeting our financing needs. The tremendous response to NTPC Masala Bonds enthuses us to look at offshore funds as a regular source of financing our Capex needs."

For further information:

Lucie Holloway
+44 (0) 20 7797 1222
newsroom@lseg.com

The information in this press release is not an invitation or inducement to acquire any bonds or securities and should not be treated or represented as such by any recipient of this Press Release.

AT1 capital securities may not be sold to retail clients in the European Economic Area other than in very limited circumstances

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