Today the focus of my presentation will be on listing Debt securities on the ISE but first I want to give a brief outline of our investment funds listing business. We are the global leader in the listing of investment funds. We list funds managed from over 40 locations across the globe. We list funds from every major fund domicile including Ireland, Luxembourg, the Cayman Islands, Bermuda, BVI, Guernsey and Jersey. Our listed funds include UCITS, QIFs, AIFs and offshore funds Why list Satisfy investor requirements – funds are listed on the MSM an EU regulated market. The listing opens up the fund to investors who need/are required to invest in listed securities Increased Visibility & Transparency – the fund name along with basic info is displayed on our website, operational changes are also announced. The listing raises the profile of the fund. NAV and announcement Publication – the funds NAV and announcements are published on our website and distributed through Reuters and Bloomberg Tax Advantages – listing can make fund eligible tax treaty acess, Sipp/ISA (UK) , QDII regime (China) and pension fund eligibility (Canada) Third Party Oversight – The ISE has specialised listing rules and reviews the annual accounts of listed funds – this gives investors comfort
Maurizio Pastore – Vice President, International Primary Markets
The Irish Stock Exchange
Listing opportunities for Mexican Issuers
The Irish Stock Exchange
• One of the oldest Exchanges in the world - Est. 1793
• Independent and well capitalised
• ISEQ Overall Index 2013 Performance +33.6% (10.04% YTD)
• Specialised in listing fixed income securities and international
So what has changed since the crisis…
• In 2007 - 85% of ISE Debt Business based on Structured MTN &
• In 2013 – less than 50% of ISE Debt listing is now structured
• ISE Revenue 2013: ABS 48% - Derivative 17% - ECP 17% -
Plain Vanilla 16% -Covered Bonds 2%.
• New debt issuers accessing the market in March 2014: Ireland
38 deals (58%), Luxembourg 26 (36%), London 4 (6%)
Why list debt securities
Access to European Capital Markets
Withholding Tax Exemptions
ECB Eligibility Criteria
Badge of Integrity
Why list Debt Securities on the ISE?
Certainty of Timing
Seamless Listing Process
Competitive Fee Structure
Flexibility & Experience
Customer Relationship Management
Opportunities for Mexican entities
• Gateway to institutional European investors
• Tax advantages
• Most competitive pricing in the EU
• Enhance international trading
• Improves international visibility
Mexican Issuers listed on the ISE
More than 60 Mexican deals listed since 2008 – few examples:
•CEMEX S.A.B. DE C.V.
•GRUPO BIMBO, S.A.B. DE C.V.
•PEMEX GDN CITIBANK, N.A. AS DEPOSITARY BANK
•BBVA BANCOMER, S.A.
•COCA-COLA FEMSA, S.A.B. DE C.V.
•ALPEK, S.A.B. DE C.V.
•FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V.
•GRUPO FAMSA, S.A.B. DE C.V.
•GRUPO CEMENTOS DE CHIHUAHUA S.A.B. DE C.V.
•MEXICO GENERADORA DE ENERGIA, S. DE R.L
•GRUPO ELEKTRA SAB DE C.V.
•KANSAS CITY SOUTHERN DE MÉXICO, S.A. DE C.V.
•TV AZTECA, S.A.B. DE C.V.
•COBRE DEL MAYO, S.A. DE C.V.
Global Exchange Market (GEM)
Exchange Regulated Market
GEM specific rules derived from EU legislation
The ISE is responsible for the approval of the Listing Particulars
Currently 40% of issuers list on GEM
ECB acceptable Exchange Regulated Market
LatAm a strategic region for the ISE
• More than 100 one to one meetings organised in Mexico City,
Sao Paulo, Lima, Buenos Aires over the last 3 years
• 5 LatAm capital markets conferences covered with more than
100 direct contacts made with domestic law firms, corporates,
financial institutions, service providers, accountants
LatAm deals listed on the ISE 2011 2012 2013
Brazil 12 21 24
Mexico 10 10 27
Peru 0 1 6
Puerto Rico 0 0 1
Chile 0 0 3
Panama 0 1 2
Irlanda es un mercato abierto, flexible y competitivo
Estamos aqui para asistiros
Podeis confiar en nosotros
Teneis un contacto directo
Thank you for your attention!
Maurizio.email@example.com : +353 1 6174 284