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Home > Products & Services > Investment Funds & Debt Securities
Eligibility to List Debt Securities on the Irish Stock Exchange
There are a number of key issues to consider in assessing whether an issuer and its securities are suitable for listing as asset-backed securities on the Exchange (conditions are different for straight debt).
- Is it debt?
- Is it asset backed: - “securities which:
i. represent an interest in assets, including any rights intended to assure servicing, or the receipt or timeliness of receipts by holders of assets of amounts payable there under; or
ii. are secured by assets and the terms of which provide for payments which relate to payments or reasonable projections of payments calculated by reference to identified or identifiable assets.”
The issuer must normally be a special purpose vehicle newly established at time of first listing on the Exchange, for the purpose of issuing the securities.
An application for listing of securities of any class must relate to all securities of that class.
A listing is based on the main premise that investors should be able to make an informed assessment of the relevant securities.
The Exchange examines the risk the investor faces by virtue of the structure.
One of the main disclosure requirements which is of concern to promoters/issuers is where the collateral consists of obligations of five or fewer obligors or where an obligor accounts for 20% or more of the assets, further information relating to the obligors is necessary since the credit exposure to any one of those obligors is significant.
Disclosure of the investment considerations relevant to the investors and a description of the structure and the cash flow are also necessary together with the details of any credit enhancements or liquidity supports applied to the product.
