Our markets for debt
Debt can be listed either on our Main Market or our Professional Securities Market.
The Main Market is our flagship market and provides access to Europe’s deepest capital pool. Listing on the Main Market exposes your debt securities to a wide audience of financial market experts.
The value of debt securities admitted to the Main Market exceeds £1.65 trillion, which accounts for almost a quarter of the £6 trillion total of all securities listed on this market. There are more than 14,500 debt securities from all over the world listed on the Main Market, including a number of sovereign issues. It is the listing venue of choice for all UK government issues.
The Main Market’s status as a listed and regulated market offers flexibility both to issuers and holders of debt finance. Its focus, therefore, is on the broadest range of institutional and retail investors.
Professional Securities Market
The Professional Securities Market (PSM) is an innovative, specialised market designed to suit the specific needs of issuers providing a more flexible alternative to the requirements regarding denomination and financial information compared to other markets regulated in the context of the EU directives. It facilitates the raising of capital through the issue of specialist debt securities or depositary receipts (DRs) to professional investors. There are currently more than 550 debt securities admitted to this market. Companies wishing to raise capital may do so without the additional cost of following a retail or equity regime, they can admit debt securities of any denomination under a wholesale regime.
As a listed, exchange-regulated market, the PSM enables issuers to enjoy the benefits of a flexible and pragmatic approach to regulatory requirements. It gives issuers substantial flexibility and offers a favourable tax regime – for example, “quoted Eurobond” status. Issuers of debt or DRs are not required to report historical financial information to IFRS or an equivalent standard, either in listing documents or as a continuing obligation. Instead, issuers can use their domestic accounting standards, local GAAP suffices.
Working together with the regulator
The Exchange works closely with the UK Listing Authority (UKLA) to offer clear and consistent guidance for issuers and their advisers. This working relationship also helps ensure the tight turnarounds that are so important for debt issuers.
Our dedicated teams are committed to very tight turnaround times. Documents submitted will be given full and immediate attention. The UKLA also works under a very transparent and clear schedule with the first comments provided within 4 working days for most issues. We also provide support and advice for advisers and issuers in order to ensure that the issuing process is as quick and efficient as possible.
Since the Professional Securities Market is a listed, exchange regulated market, there are eligibility criteria and ongoing obligations that issuers must fulfil to admit securities to this market.
Issuers on the Professional Securities Market benefit from:
- access to Europe's largest and widest pool of capital
- the opportunity for real liquidity based on the Exchange's world class trading services, such as our International Order Book (IOB), the world's leading trading platform for DRs
- raising their profile and visibility through a listing on a public market
- increased investor confidence via London's respected listing standards
- access to London's skill pool, including international advisers and investment banks
- a time-zone at the centre of the global business day.