The International Stock Exchange (TISE) has listed two green bonds which are helping to finance the decarbonisation of telecommunications company VMED O2 UK Limited (VMED O2).
Sustainable finance is gaining momentum globally. Market participants ranging from supranational organisations through to financial institutions, as well as individual investors, are increasingly recognising the importance of allocating capital in a manner which finances a sustainable future.
TISE Sustainable has been established to provide a comprehensive and reputable market segment which enables the flow of capital into investments that promote environmental, social or sustainable activities.
TISE is a Partner Exchange of the United Nation’s Sustainable Stock Exchanges (SSE) initiative and is committed to being part of the sustainable capital markets ecosystem, both in terms of how we manage our business and through our role as a facilitator of global capital flows.
With a straightforward application process and no additional fee, the segment is available to all TISE-listed issuers and securities which demonstrate their qualifying credentials.
Helping to connect issuers and investors to facilitate the flow of sustainable capital.
All issuers/securities independently assessed against internationally recognised sustainable finance standards.
Publicly available sustainability reporting and comprehensive information disclosure.
Inclusion on the dedicated TISE Sustainable hub and use of TISE Sustainable logos to promote the issuer’s commitment to sustainable finance.
TISE Sustainable is available to all TISE-listed issuers who are able to demonstrate compliance with at least one of the following frameworks or ratings.
Either (i) the issuer’s business, or that of its wider group; or (ii) the use of the proceeds raised by the issuance of a security; has been verified as having an environmental, social or sustainable purpose by an independent party against a recognised framework
|Framework||Minimum Qualifying Credentials||Information|
|Climate Bonds Initiative: Climate-Aligned Issuers||Fully Aligned or Strongly Aligned||Link|
|Climate Bonds Initiative: Climate Bonds||Certification||Link|
|Green Seal Certification||Certification||Link|
|Guernsey Green Fund||Route 1 or Route 2||Link|
|ICMA Green Bond Principles||Certification||Link|
|ICMA Social Bond Principles||Certification||Link|
|ICMA Sustainability Bond Guidelines||Certification||Link|
|ICMA Sustainability-Linked Bond Principles||Certification||Link|
|The Carbon Trust Standard||Certification||Link|
The issuer’s business, or that of its wider group, has been positively rated by an independent party.
|Rating Agency||Minimum Qualifying Credentials||Information|
|Global Real Estate Sustainability Benchmark||4* or 5*||Link|
|ISS ESG Corporate Rating||Prime||Link|
|MSCI ESG Rating||AAA to BBB||Link|
|Refinitiv ESG Score||A+ to B -||Link|
|Sustainalytics ESG Risk Rating||Negligible or Low Risk||Link|
In addition to the frameworks and ratings outlined above, TISE will consider other frameworks and ratings which evidence the issuer’s (or security’s) environmental, social or sustainable credentials.
How to apply
An application for admission to the TISE Sustainable market segment can be made at the same time as an application to list, however, approval of the admission to TISE Sustainable will only take place once admission to TISE’s Official List has been granted.
The issuer submits a completed TISE Sustainable Application Form together with supporting documentation. All independent verification reports or rating assessments must be current and valid. Where periodic reviews are required, the most recent verification report or rating assessment must be submitted.
TISE will review the application and request any additional information required.
If the qualification credentials have been met, the issuer/security will be added to the TISE Sustainable market segment and displayed on TISE’s website.
The issuer will be sent a suite of TISE Sustainable logos which can be used by the issuer on its own marketing and branding materials (in accordance with the terms and conditions and brand guidance).
The issuer must ensure that its rating and sustainability reporting are published online. Where periodic reviews are required, the most recent verification report or rating assessment must be made available.
The issuer must inform TISE, without delay, of any changes to the details or status of their TISE Sustainable qualifying credentials (for example, change of independent verifier, framework, status or rating attained).
If the issuer or security ceases to meet the qualification credentials, the issuer must contact TISE to establish whether the matter can be remediated or if the qualification credentials can be met in another way.
TISE may, at its discretion, allow issuers or securities on the TISE Sustainable market segment to remain on the segment for an agreed period (of up to 12 weeks), should the issuer or security temporarily fail to meet the qualification credentials.
If the matter cannot be remediated and TISE considers that the qualification credentials are not met, the issuer or security will be removed from TISE Sustainable with immediate effect.
TISE retains sole discretion over the addition, continuance and removal of issuers and securities from TISE Sustainable.
TISE Sustainable logos
Upon admission to the TISE Sustainable market segment, the issuer will be sent a suite of TISE Sustainable logos which can be used by the issuer to promote its commitment to sustainable finance within its own marketing and branding materials. These logos are to be used in accordance with TISE’s terms and conditions and branding guidance.
TISE encourages issuers to utilise these logos within their marketing materials, including on their website for example alongside any other information, news and reports related to the issuer’s sustainable status.
An issuer which is no longer admitted to TISE Sustainable must immediately cease use of the TISE Sustainable logos and remove the logos from all materials, whether online or offline.
List of Issuers
List of Securities
|Novelis Sheet Ingot GmbH||XS2326533614 / XS2326493728||01-04-2021||500,000,000||EUR||ICMA Green Bond Principles||LINK|
|Canary Wharf Group Investment Holdings PLC||XS2327414574 / XS2327414491||30-07-2021||350,000,000||GBP||ICMA Green Bond Principles||LINK|
|Canary Wharf Group Investment Holdings PLC||XS2327414814 / XS2327414731||30-07-2021||300,000,000||GBP||ICMA Green Bond Principles||LINK|
|Canary Wharf Group Investment Holdings PLC||XS2327414228 / XS2327414061||30-07-2021||300,000,000||EUR||ICMA Green Bond Principles||LINK|
|VMED O2 UK Financing I plc||US92858RAB69 / USG9444PAD45||27-08-2021||1,400,000,000||USD||ICMA Green Bond Principles||LINK|
|VMED O2 UK Financing I plc||XS2358483332 / XS2358483258||27-08-2021||675,000,000||GBP||ICMA Green Bond Principles||LINK|
|The Isle of Man Treasury||XS2384582263||14-09-2021||400,000,000||GBP||ICMA Sustainability Bond Guidelines||LINK|
Latest Sustainable News at the Exchange
August’s report from Inter-governmental Panel on Climate Change (IPCC) has been described as a “code red for humanity” and subsequently UN Secretary General António Guterres urged all stakeholders to make the UN Climate Change Conference, COP 26, a success. In this Q&A, Cees Vermaas, CEO at The International Stock Exchange (TISE), looks at the role stock exchanges can play in helping us to meet our environmental, social and sustainable goals.