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The Global Exchange Market (GEM) of the Irish Stock Exchange (ISE) has reached a significant milestone, with over 10,000 debt securities listed from more than 50 countries, including 2,800 new listings so far in 2016.
Since its launch in 2009, GEM has proven popular with corporate issuers from across Europe, North America, Latin America and Asia.
Notable listings on GEM in 2016 include:
- CPPIB Capital Inc, the capital markets financing subsidiary of Canada Pension Plan Investment Board, which listed US$2bn fixed-rate notes under its recently approved CAD 25bn Debt Issuance Programme
- Liberty Mutual Group Inc, the US based provider of insurance products and services, which listed €750m in senior notes
- CLISA, a leading Argentinian infrastructure manager and developer, which became the first company from Argentina to list bonds on the ISE, listing US$200m senior notes
- State Grid Corporation of China, which listed €1bn senior notes through its subsidiary State Grid Overseas Investment (2016) Limited
- Vodafone Group plc, the worldwide telecommunications provider, which listed a number of issues totalling GBP3.48bn
One of Europe’s fastest growing debt listing markets
GEM is one of Europe’s fastest growing debt listing markets and is a recognised multilateral trading facility (MTF) under Europe’s Markets in Financial Instruments Directive (MiFID).
Gerard Scully, Director of International Primary Markets, said “The Global Exchange Market has proven popular with issuers from around the globe. It is recognised for having a strong regulatory regime combined with a responsive process. We are delighted with its success and see great potential in the market for future growth.”
In 2016, GEM was expanded to include the listing of investment funds providing investment managers with a choice of two markets when listing on the Irish Stock Exchange - the Main Securities Market (MSM) and GEM. Since this expansion, 79 investment fund securities from a number of leading asset managers have listed on GEM.
