Guernsey's TISE Says New Securities Listings Rise

Editorial Staff 15 April 2024

Guernsey's TISE Says New Securities Listings Rise

The exchange's listings data in some ways runs counter to the experience of the international stock market sector as a whole, which has seen a significant drop in IPOs.

Guernsey’s The International Stock Exchange, or TISE, yesterday reported that 228 new listed securities arrived in the first quarter of this year, rising almost 29 per cent on a year ago. 

The new listings contributed to the total number of securities on TISE’s Official List reaching 4,313 at 31 March, up by 6.4 per cent on a year before, and a record in the exchange’s lifespan. In value terms, the securities are worth more than £670 billion ($845 billion).

“Global macro-economic conditions had subdued listing volumes across the European corporate bond markets during the last couple of years. Activity started to pick up towards to the end of 2023 and this has continued during the opening months of this year as markets stabilised, funds began to deploy capital and refinancing requirements came more into focus,” Cees Vermaas (pictured), CEO of TISE, said. 

This publication interviewed Vermaas in January about business opportunities it sees in the private markets sector.

Stock exchanges such as TISE are part of how offshore centres such as Guernsey, Jersey and the Isle of Man seek to compete and differentiate themselves. In recent years, the UK’s own London Stock Exchange has suffered from a decline in IPO activity and perceptions of losing weight to rivals such as the Nasdaq market in New York. The global environment has been tough since the onset of the pandemic and subsequent rises to interest rates. 

According to S&P Global Market Intelligence, there were 370 initial public offerings launched globally in the fourth quarter of 2023, down from 417 in the fourth quarter of 2022 and 921 in the same period of 2021. That was the slowest fourth quarter since 2012, when there were 285 IPOs worldwide. 

A total 1,429 IPOs were launched globally in 2023, the lowest number since 2019, almost 16 down from 2022, and down 40 per cent from 2021.

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