India's NTPC Bond, which went live on May 8 following the publication of its rulebook, is now available for trading on the new International Securities Market (ISM).
Virgin Money's existing issue of AT1 capital securities, issued on November 8 2016 and already listed on other markets, will also be admitted to trading on the ISM.
"London Stock Exchange is delighted to announce that its new International Securities Market is now live and welcomes the first bonds to begin trading on the platform. The International Securities Market will provide UK and international fixed income issuers an additional efficient London listing venue, giving them access to the City's deep pool of global capital and an international investor base," said Nikhil Rathi, CEO, London Stock Exchange.
The London Stock Exchange on Monday welcomed the first bonds to list on the ISM, an additional market for the issuance and trading of United Kingdom and international primary debt targeted at institutional and professional investors.
As one of the world's most international capital markets, around 70 percent of all bond secondary trading activity is conducted out of London and as such issuers on ISM have access to one of the deepest pools of global capital.
ISM has been designed to meet the demands of issuers and investors to improve the effectiveness and competitiveness of the UK primary debt markets providing greater choice for a variety of fixed income issuers.
"I am pleased that India's NTPC is one of the first companies to list their recent Masala Bond on London Stock Exchange's innovative new debt market. London has been a long term partner for Indian firms looking to raise finance in the global capital markets and the development of an additional platform for the listing and trading of fixed income should be welcomed," said Piyush Goyal, India's Minister of State for Power, Coal and Renewable Energy.
"The listing of NTPC Masala Bonds on ISM as the maiden issue on the market marks the growing cooperation between NTPC and LSE; this being the second time NTPC has listed its Notes on LSE. To NTPC and other issuers from India and across the globe, this provides an opportunity to access quality investors for meeting our financing needs," added Kulamani Biswal, Director (Finance) at NTPC.