London Stock Exchange offers a choice of markets for both UK and international companies looking to list debt. The size of the company, its growth objectives and funding needs will all which market is right for you.
LSEG markets are home to thousands of companies, from start-ups to some of the world's largest corporations. Listing gives investors access to one of the world's deepest pools of liquidity.
Main Market (MM) - The UK's principal regulated market for bond issuance and a globally recognised listing venue for domestic and foreign issuers, including a number of sovereigns. Bonds admitted to trading on the MM are also admitted to the UK Listing Authority’s Official List.
International Securities Market (ISM) - The ISM is an exchange-regulated market providing an efficient and transparent listing process with rapid turnaround times. The dedicated and knowledgeable debt specialist team are able to offer competitive turnaround times to accommodate issuer priorities. As an exchange-regulated market, the UK Listing Rules and the Prospectus Regulation are not applicable to ISM; issuers must comply with the requirements set out in the ISM Rulebook.
Visit Compare our debt markets page for help deciding which market best suits your company’s needs
Getting the selection of your external team right is one of the most important steps in raising financing in the public capital markets. In the first instance, you will need to appoint legal counsel and underwriting banks. A good starting point is to consult your existing advisers.
Many companies hold a ‘beauty parade’ of specialists to determine who has the appropriate experience and understanding of your business model. You should agree a realistic timetable with your advisers, agreeing who is responsible for each aspect of the work.
When appointing advisers you should also clarify areas of responsibility in advance and negotiate costs.
Listing debt on LSEG involves preparing either admission or listing particulars, or a prospectus compliant with the appropriate rules.
As part of the prospectus issuers will need to provide, among other things, detailed financial statements as well as the terms and conditions relating to the security and information on recent developments.
Appointing an experienced team of professionals helps deliver a complete listing document. It is not mandatory for issuers to seek specialist services before lodging an application, but we recommend appointing an experienced legal advisor to guide you when drawing up a prospectus.
Different markets have different levels of regulation, which in turn require different application processes. Companies need to apply to the regulator to raise capital (in some cases this will be the FCA and in other cases the regulatory function is carried out by LSEG) and to London Stock Exchange to be admitted to trading. Your advisers will guide you through this process.
Using an appropriate adviser is essential in ensuring you meet all the listing requirements. They can also help you prepare an application, ensuring you complete the relevant forms, documents and prospectus.
Which market you choose determines the route of submission. Take a look at our Compare our debt markets table to see which market is right for you.
Life on the public market can be very different from previous practice for most companies. For instance, publishing an annual report and disclosing material information to the market are two key continuing obligations for all London Stock Exchange-listed companies.
Following admission to a public market, companies are subject to a range of disciplines and requirements. These can be broadly divided between the legal and regulatory requirements, representing the continuing obligations that all quoted companies must meet; and market-driven disciplines and activities, which are not compulsory, but which are advisable and even necessary in order to gain the maximum benefit from your listing.
Take a look at the Resources section to find out more about rules relating to ongoing obligation.
On 22 July Phoenix Group plc completed the acquisition of ReAssure Group plc from Swiss Re Group. The transaction is another significant milestone on Phoenix’s growth journey and has established Phoenix as the largest long-term savings and retirement business in the UK with circa £300 billion of assets under administration and circa 14 million policies.
London Stock Exchange today welcomes the Hashemite Kingdom of Jordan placing its US$500m 4.95% due July 2025 and US$1.25bn 5.85% due July 2030 dual-tranche benchmark Eurobonds to the London Stock Exchange’s Main Market. The deal was more than 6 times oversubscribed, receiving bids in excess of $6.25bn.
The Kingdom intends to use the net proceeds of the issue of the Notes to finan
London Stock Exchange welcome Riyad Bank for a Market Open Ceremony, to celebrate the admission of USD 1.5 bn USD Tier 2 Sukuk. The Market Open Ceremony was attended by Riyad Bank senior management, including CEO Mr. Tareq Al Sadhan, Saudi Ambassador to the UK His Royal Highness Prince Khalid Bin Bandar Al Saud, Rt Hon Conor Burns MP, Minister of State DIT and other dignitaries.
London, United Kingdom, 22 January 2020 – Don Robert, Chairman of London Stock Exchange Group welcomed the president of the African Development Bank to open markets for trading at London Stock Exchange on Wednesday 22 January.
The reception in London followed the African Development Bank’s Africa Investment Forum, the Bank’s innovative market-place for accelerating investment into the