Listing Services

The Practice

The Finance Group at Arthur Cox is the largest of its kind in Ireland and is constantly at the forefront of developments in finance law and practice. Our practice revolves around four key areas, including asset management and investment funds, banking and other lending transactions, debt capital markets/structured finance and financial regulation. Our finance team is made up of lawyers who are experts in all of these areas. We pride ourselves in offering clients a joined up and integrated approach across practice areas and we excel at advising on transactions which require advice in a number of areas of finance and other areas of law.

Arthur Cox provides listing services through Arthur Cox Listing Services (“ACLS”), which was approved by the Irish Stock Exchange as an authorised sponsor in early 2004 to provide listing services for specialist debt securities and investment funds. With an already thriving and successful Capital Markets and Funds practice, the establishment of the listing department was seen as the perfect complement to the already existing businesses. This marked a significant strategic move for the firm and allows us to provide a full service to our Funds and Capital Markets clients, from advising them legally on their structures and products to listing them on the Irish Stock Exchange.

Since 1999, the Irish Stock Exchange (the “ISE”) has provided a listing regime for most specialised debt securities including Asset Backed Securities, Specialist Bonds, Asset Covered Securities and European Commercial Paper. The ISE has done tremendously well in becoming the leading exchange in Europe for listing ABS within a short period of time. It is also the leading exchange for listing investment funds.

The ISE’s success can be attributed to, inter alia:

  • A comprehensive set of listing guidelines consistently applied across product types and issuers, quick turn-around times;
  • Timing – ISE have committed to very aggressive turnaround times which are 3 working days on all initial submissions and 2 working days on all subsequent submissions in the case of debt and 5 working days on all initial submissions and 2 working days on all subsequent submission in the case of funds;
  • Communication – the ISE operate an open door policy and are willing to discuss a structure prior to submission to ensure a smooth and streamlined process.

Requirement for listing agent/listing sponsor:

To list a specialist debt security on the ISE, an issuer must appoint a listing agent and to list investment funds, the fund must appoint a listing sponsor. The appointed listing agent/sponsor must be registered with the ISE. A listing agent/sponsor is responsible for ensuring that the issuer is guided and advised on their application and is responsible for all communications with the Exchange with regard to the listing guidelines, the listing process and all post listing obligations that may apply. Arthur Cox Listing Services is registered with the ISE as an approved listing sponsor and listing agent.

Expertise

Why Arthur Cox Listing Services

As Head of Specialist Debt Securities listings at the Irish Stock Exchange from 1999 to March 2004, Helen Berrill was responsible, amongst other things, for overseeing the listings of all transactions, including asset backed securities, specialist debt, CMBS, multi issuer programmes and covered bonds. During this five year period of substantial growth at the Irish Stock Exchange Helen ensured that the listing rules were consistently applied by her team while maintaining an efficient, smooth, flexible and stream lined approach at all times.

Helen helped draft the initial building blocks for the wholesale debt regime under the Prospectus Directive. Together with her experience at ISE, Helen has an unrivalled knowledge of the listing Guidelines and procedures and can pre-empt issues which may cause concern to the ISE. Through her experience of acting as a regulator and her understanding of the issues important to the officers at the ISE, Helen and the listing team at Arthur Cox Listing provide real added value to the listing service for debt securities and investment funds.

Arthur Cox Listing Services (ACLS) has been tremendously successful and we have been the leading listing agent for the ISE, by volume for the last 3 years.

Helen and her team work closely with Cormac Kissane and Glenn Butt, Arthur Cox’s leading Capital Markets partners. This team has extensive experience of the structures and products which are suitable for listing.

Professional Service at ACLS

Arthur Cox Listing Services is a subsidiary of Arthur Cox and strives to provide the same level of services as the firm and are subject to the same high standards.

We understand that promoters and arrangers need certainty on timing and that listing should not be a leading consideration in the timetable to launch. We have an experienced and dedicated team that provide a smooth and streamlined process and are committed to providing an efficient and user friendly service. We have acted on many transactions – from plain vanilla transactions to synthetics to whole business securitisations, repackagings, CDOs, High Yield transactions, Covered Debt, Islamic Financing and other structured products.

Experience

Discovery Communications, LLC lists Senior Notes on the Irish Stock Exchange

Arthur Cox Listing Services acted as Irish listing agent for Discovery Communications, LLC in order to have its Senior Notes approved and listed on the Irish Stock Exchange. The Notes were guaranteed by Discovery Communications, Inc.

Global Transactions

Arthur Cox Listing Services have a world wide client base, covering Europe, the United States, Russia and the Middle East. Transactions that Arthur Cox Listing Services have acted as listing agent include, amongst others:

US transactions include:

  • Wal-mart Stores, Inc – bond issuance
  • Cellco Partnership
  • Verizon Wireless Capital LLC
  • Pfizer Inc
  • Ingersoll-Rand Company Limited
  • Schering-Plough Corporation

In addition we have listed a number of US Global Note Programmes.

Middle East transactions include:

  • Qtel International Finance Limited listed its Global Medium Term Note Programme on the ISE. It’s notes are guaranteed by Qatar Telecom (Qtel) Q.S.C.
  • EFG-Hermes MENA Securities Limited has its Securitised Holding Abwab Market Access Limited (SHAMAL) Notes Programme listed on the ISE. It’s Notes are guaranteed by EFG-Hermes Holding S.A.E.
  • Emirates NBD Auto Financing Limited listed its Notes on the ISE. The Notes are guaranteed by Japan Bank Corporation.
  • SIB Sukuk Company III Limited listed its Trust Certificate Issuance Programme on the ISE. The Notes are guaranteed by Sharjah Islamic Bank PJSC.
  • DIB Tier 1 Sukuk Limited listed its Certificates on the ISE. The Certificates are guaranteed by Dubai Islamic Bank PJSC.
    Batelco International Finance No.1 Limited listed its Notes on the ISE. The Notes are guaranteed by Bahrain Telecommunications Company B.S.C.
  • Commercial Bank of Dubai P.S.C. has its Euro Medium Term Note Programme listed on the ISE.
  • The Kingdom of Bahrain, acting through its Ministry of Finance listed its Bonds on the ISE.
  • Ruwais Power Company PJSC listed its Bonds on the ISE.
  • Oasis Certificate Programme Limited listed its Oasis Certificate Programme on the ISE.

Russian transactions include loan participation note programmes for:

  • Gazprom
  • Bank St Petersburg
  • Nomos Bank
  • Renaissance Capital
  • Transneft
  • Transcredit Bank
  • Transcapital Bank
  • Vimpel Communications
  • Bank VTB 24

Ukranian transactions include:

  • Ukraine Government – bond issuances
  • Alfa-Bank

Chinese transactions include:

  • acting on the transaction in which China Petrochemical Corporation, a state-owned enterprise incorporated in the People’s Republic of China, acted as guarantor for Sinopec Group Overseas Development (2013) Limited which listed its Dollar and Euro Senior Notes on the ISE.

Financial institutions

  • Arthur Cox Listing Services have acted as listing agent for all the major financial institutions in Europe and the US
  • Arthur Cox Listing Services have acted as listing sponsor on a number of investments funds also