Fixed income update for London Stock Exchange issuers

• The LSE reminds issuers and advisers that the LSE’s Admissions Self-Service Portal is now mandatory for submission of Programme and Standalone bond applications and documentation.
• The LSE are introducing an Admissions API in H2 2024 to process high-volume final terms applications.
• The LSE reminds issuers and advisers that debt securities admitted to the LSE’s Main Market and International Securities Market continue to gain European Central Bank (“ECB”) collateral eligibility via automatic admission to MTS BondVision Europe MTF (“BondVision”), subject to the ECB and BondVision admission criteria.
• The LSE notes the regulatory changes delivered through the new UK Listing Rules came into effect on 29 July.

This note is intended to provide an update in relation to the application for the admission of securities to LSE’s markets and covers important developments to our service offering for debt primary markets for fixed income issuers, legal and other debt capital markets (“DCM”) advisers.

The regulatory environment for Capital Markets in the UK is undergoing a period of significant change, with the new UK Listing Rules now in operation. This note also summarises the minor amendments applicable to fixed income issuers.

Mandatory Use of LSE’s Admissions Self-Service Portal

As part of LSEG’s continuous commitment to provide best in class services for our customers, we introduced the LSE’s Admissions Self Service Portal (“SSP”), a new tool offering a streamlined and efficient digital interaction channel for the admission application process across all LSE plc markets.

From the 1st May 2024, the use of SSP, became mandatory for the submission of Programme and Standalone Bond applications and documentation. SSP is also available for submission of Final Terms applications, although it is not mandatory for Final Terms applications at this stage. Please note that for ISM applications the ISM review process is unchanged and all documents requiring review should still be sent to the ISM team.

The SSP user guide is available on Admissions Trading and includes details of how to register access to the Portal. If you have any further questions or would like a demo of the features of the SSP, please contact the Admissions team.

Admissions API (“Application Programming Interface”)

In line with our goal to simplify application processes for customers, we are also introducing an Admissions API in H2 2024 to allow registered customers and approved financial technology vendors to submit final terms applications to SSP.

The purpose of the Admissions API is to provide an alternative method for submitting final terms applications and documentation for issuers by digitising the submission process. It is intended for frequent issuers with higher volumes of applications and will improve operational efficiency for our clients and the LSE.

The Admissions API is comprised of key features to support application management including application creation and submission, updates, cancellation, comments, status changes and capability to attach conditions. Please contact the DCM Team (bonds@lseg.com) if you would like to register your interest or have any questions.

ECB Collateral Eligibility on LSE

Please note, we continue to collaborate with MTS BondVision MTF, an ECB acceptable non-regulated market, to allow issuers of existing and new bonds to LSE’s markets to maintain ECB collateral eligibility via automatic admission to BondVision. Bonds listed on LSE’s Main Market and International Securities Market are automatically admitted to trading on BondVision at the same time that they are London listed, provided that they satisfy the MTS admission criteria as well as satisfying all other ECB eligibility criteria.

We note that the market has been informed of this arrangement on several instances, notably in October 2020 towards the end of the transition period as the UK exited the European Union, and most recently updated the market on this in July 2022. There is no change to this arrangement, which continues to offer certainty for issuers on LSE’s debt primary markets.

Please find the full list of bonds available for trading on BondVision.