sign in sign up
<<
Home , Bank of England, London Stock Exchange

Debt Capital Markets Update Exchange plc

Q2 2019 Contents 1. Trends in Global Debt Capital Markets 2. Key DCM transactions listed in London 3. Focus on… ❖ Directive (PDIII) ❖ Sovereigns, Supranationals, Green and Sustainability ❖ Where Can You Find Us… Q3 and Q4 ❖ Your LSEG team Trends in Global Debt Capital Markets: Q2 2019 Global Macro Dynamics In Q2 2019, Global Debt Capital Markets largely followed trends set in Q1

The US curve has shifted downwards, as central turn Key Events Calendar: Aug to Oct 2019 dovish and markets price in the expectations of rate cut(s)

3.1 Date Event Date Event 2.9 1 Aug 19 Sep Interest Rate 2.7 2 Aug Unemployment 14 Oct Export/Import 2.5 8 Aug Export/Import 15 Oct CPI

2.3 Yield % 2.1 13 Aug Unemployment 16 Oct CPI 1.9 14 Aug Industrial 18 Oct Industrial 1.7 6 Sep Unemployment 24 Oct 1.5 12 Sep CPI 30 Oct FOMC 1M 2M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y 12 Sep Monetary Policy 31 Oct GDP Yield @ 31st Dec 18 Yield @ 31st Mar 19 Yield @ 30th Jun 19

Global DCM issuance down 14% 1H19 vs 1H18 by volume Q2 global issuance has been weaker vs Q2 18 outside Asia Annual Supply by Quarter Comparison of Q2 Supply

12 3.5 0.05 0.05 0.04 0.03 0.04 3.0 0.05 10 0.36 0.37 0.33 0.04 2.5 0.40 0.03 8 0.39 0.40 0.31 2.0 0.84 0.85 6 0.84 0.40 1.5 3.15 3.03 2.96 0.70 4 2.46 1.46

1.0 1.34 1.29 Volume Volume ($ trillion) 3.20 3.16 Volume ($ trillion) 0.98 2 3.02 2.80 0.5

0 0.0 2016 2017 2018 2019 2016Q2 2017Q2 2018Q2 2019Q2 Q1 Q2 Q3 Q4 North America Europe Asia Pacific Japan MEA Latam & Carribean

Source: Dealogic, July 2019 4 Q2 2019 Debt Listings By Exchange

— 217 bonds were issued on London during Q2 2019; $113bn in debt capital raised. 120 were syndicated deals raising $100bn

London Stock Exchange bonds: 2015 to 2019YTD1 Bonds/ Capital Raised across select exchanges Q2 18 vs. Q2 192

1,200 250 600

1,068 535 990 525 1,000 500 500 897 902 200

800 400 150 326 600 300 217 466 100 224 153 Bonds No. Of

No. Bonds Issued No. Bonds 400 200 Capital Raised ($bn)RaisedCapital 139 50 200 100

0 0 0 2015 2016 2017 2018 2019YTD LUX LSE DUB SGX Captail Raised ($bn) 2Q18 2Q19

1 Bloomberg, as of 30th June, 2019 2 th Dealogic, as of 30 June, 2019 5 Note: Based on individual tranches issued. Duplicates for 144A and RegS are consolidated. Structured Products are excluded Global issuers pick London for first-time issuances and products in H1 2019

Debut Issuances and Debut Products H1 2019* Debut Issuances H1 2019* 14 51 14 50 12 40 34 10 7 30 8 20 6 20 4 4 10 2 0 0 H1 2019 H1 2019

Dublin Luxembourg LSE Dublin Luxembourg LSE

Selected Debut Products Selected Debut Issuers

Chile’s inaugural Hong Kong’s first Debut £350mn Uzbekistan’s debut Saudi Aramco’s debut Inaugural $325mn HY green bonds green raising sustainability bond $1bn international $12bn international bond from ADES ($1.42bn, €861mn) $1bn sovereign bond bond June 2019 May 2019 April 2019 Feb 2019 April 2019 April 2019 ISM Main Market Main Market Main Market Main Market ISM

Co-Operative Group’s Debut £1bn Sonia- Debut £600mn Sonia- AIIB’s debut $2.5bn KIFB’s debut INR Home Group’s debut debut £300mn Linked Bond Linked Bond global bond 21.5bn Masala bond £350mn bond sustainability bond April 2019 June 2019 April 2019 May 2019 April 2019 March 2019 Main Market Main Market Main Market Main Market ISM Main Market

Source: Dealogic as on 30th June 2019 *Includes tranches of bond transactions from from debut issuers 6 DCM Highlights: Q2 2019

7 Key Q2 Issuances A diverse range of issuers and products

EUR 1.25bn, 0.38% 7Y EUR 1.75bn, 0.00%, 5Y EUR 650m, 0.00%, 2Y EUR 600m, 0.13%, 5Y EUR 700m, 1.00% 8Y EUR 110m, 1.25%, 20Y EUR 1.0bn, 0.38% 10Y EUR 1.5bn, 0.38%, 5Y EUR 500m, 0.25%, 5Y GBP 500m, 1.75, 8Y CNY 1.0bn, 3.23%, 3Y EUR 600m, 1.63%, 12Y

Dim Sum Bond April 2019 April 2019 April 2019 April 2019 April 2019 May 2019 May 2019 Main Market Main Market Main Market Main Market ISM Main Market Main Market

EUR 1.1bn, 1.23%, 12Y EUR 1.25bn, 0.81%, 7Y EUR 1.0bn, 1.63%, 12Y Corporates + + FIG Corporates EUR 1.1bn, 0.83%, 9Y EUR 1.25bn, 1.38%, 11Y GBP 1.25bn, 1.24% 5Y EUR 1.0bn, 0.38%, 5Y USD 400m, 5.95%, 10Y EUR 750m, 2.50%, 20Y GBP 400m, 2.50%, 6Y

May 2019 May 2019 May 2019 May 2019 May 2019 May 2019 May 2019 Main Market Main Market Main Market Main Market Main Market Main Market Main Market

USD 1.5bn, 7.55%, 11Y EUR 1.25bn, 6.38%, 12Y USD 1.0bn, 2.50%, 5Y USD 500mn, 6.35%, 5Y USD 1.4bn, 3.50%, 31Y USD 1.5bn, 2.84%, 5Y USD 2.5bn, 2.25%, 5Y USD 2.1bn, 2.25%, 10Y

Green Bond Green Bond Supranational Supranational Supranational

Sovereigns & & Sovereigns April 2019 May 2019 June 2019 June 2019 April 2019 May 2019 June 2019 Supranationals Main Market Main market ISM ISM Main Market Main Market Main Market

GBP 350m, 2.75%, 22Y EUR 750m, 0.90%, 8Y EUR 500m, 0.25%, 5Y GBP 300m, 5.13%, 5Y GBP 600mn, 1.33%, 4Y GBP 1.25bn, 1.24%, 5Y GBP 1bn, 1.18%, 3Y

SONIA Green Bond Green Bond Green Bond Green Bond SONIA Linked SONIA Linked SONIA Linked

April 2019 May 2019 May 2019 May 2019 April 2019 May 2019 June 2019 Green Bonds & & Bonds Green Main Market Main Market Main Market Main Market Main Market Main Market Main Market

8 Sovereign Transactions Q2 saw key issuances from Africa, Asia, Europe and South America

April 2019 May 2019 May 2019 May 2019 Egypt Cyprus Kenya Hong Kong

The sovereign returned to market Cyprus took advantage of the interest Hong issued its first once again this year raising EUR2bn. rates environment by issuing a Euro This is the second Kenyan international Green bond, joining a Initial price guidance for the six year denominated bond with 5 year and 30 international bond transaction to list growing number of Asian sovereigns tranche was 5.125% and 6.875% for year tranches, the later of which on since that are accessing sustainable the 12 year before launching at being the longest bond sold by the 2018. financing to fund projects to protect 4.75% and 6.375% respectively. sovereign. the environment.

EUR750m (4.750%, 6yr) EUR500m (0.625%, 5.5yrs) USD900m (7.000%, 8yrs) USD1,000m (2.500%, 5yr) EUR1.25bn (6.375%, 12yr) EUR750m (2.750%, 30yrs) USD1,200m (8.000%, 13yrs) June 2019 June 2019 June 2019 June 2019 Iceland Chile Serbia Sri Lanka

“This issue is a confirmation on the Chile became the first American Following its successful trade in recognition and trust of the strides sovereign to issue a Green bond and Tapped the markets for the first time March, Sri Lanka returned to market Iceland… Treasury has never issued the second sovereign issuer after the in 6 years, This issuance was once again raising USD2bn through a at more favourable rates.“ Netherlands to receive certification Serbia’s first EUR dominated bond. dual tranche offering Bjarni Benediktsson, Minister of Finance from the Climate Bonds Initiative

EUR861m (0.832%, 11yrs) USD500m (6.350%, 5yrs) EUR500m (0.100%, 5yrs) EUR1,000m (1.500%, 10yr) USD1,400m (3.500%, 31yrs) USD1,500m (7.550%, 11yrs)

9 SONIA-linked Floaters Continue to Grow Non-UK banks have begun to raise funds through SONIA issuances

£17.5bn 17 64% Of total capital Capital Raised Issuers raised is on LSE on LSE plc First covered SONIA First covered SONIA First covered SONIA plc issuance, £600m (4Y) issuance, £1,250m (5Y) issuance, £1,000m (3Y) with With 60% of 79% of which raising £1.75bn issuances by has been raised from 2 issuances volume in Issuer Name Issue Date Amount Issued (£m) Tenor Industry in 2019 in Q2 2019 London -Dominion 24/6/2019 1,000 3 Financials 16/5/2019 1,250 5 Financials Barclays Bank UK 15/5/2019 500 4 Financials SONIA Bond Issuance on LSE Barclays Bank UK 15/5/2019 1,250 5 Financials Royal 25/4/2019 300 1 Financials 4.5 8 9/4/2019 600 4 Financials 4 7 Virgin 28/3/2019 500 5 Financials 3.5 6 Skipton Building Society 27/3/2019 600 5 Financials 3 National 22/3/2019 750 4 Financials 5 Coventry Building Society 19/3/2019 100 5 Financials 2.5 4 EBRD 28/2/2019 950 5 Supranational 2 TSB Bank / 15/2/2019 750 5 Financials 3 1.5 Santander UK 12/2/2019 1,000 5 Financials 2

1 Deals of No. Australia & New Zealand Banking 24/1/2019 750 3 Financials

0.5 1 Royal Bank of Canada 24/1/2019 400 1 Financials

Tota Capital Raised (£bn) Raised Capital Tota EBRD 18/1/2019 550 3 Supranational 0 0 Sept Oct Nov Dec Jan Feb Mar Apr May June International Finance Corp 18/1/2019 500 3 Supranational 2018 2019 Commonwealth Bank of Australia 17/1/2019 260 1 Financials Lloyds Bank 14/1/2019 750 3 Financials Tota Capital Raised ($bn) No. of Deals Nationwide Building Society 10/1/2019 1,000 5 Financials

Source: Bloomberg, Bank of , July 2019 Data includes active and matured bonds 10 All duplicate bonds are consolidated DCM Focus: Green and Sustainable Finance

11 Green & Sustainable Transactions Q2 saw a number of inaugural green issuances including Chile and Hong Kong

114 $36bn 13 44 9

Active green bonds are Total money raised from Currencies Issuers Debut issuers in H1 2019 listed in London green issuances

April 2019 April 2019 May 2019 May 2019 June 2019

RBC YorkshireWater Co-Op Group Akademiska SCB

While RBC is a leading Their first, emerging markets The bond is classified as underwriter of Green Bonds As part of the ’s focused sustainability bond. Yorkshire Water lists its first “sustainable”, meaning it with best-in-class execution financial sustainability efforts, Proceeds of the bond will be sustainability bond on London meets the UN’s Sustainable capabilities across multiple Akademiska Hus issued its used to provide finance Stock Exchange’s dedicated Development Goals and was currencies and geographies, first dual tranche green bond aligned with the UN Green Bond Segment the first Non IG sustainability this is the first issuance of a with a maturity of 5 years Sustainable Development bond issued out of the UK Green Bond by RBC Goals

EUR500m (0.250%, 5yrs) GBP500 (2.750%, 22yrs) GBP300m (5.130%, 5yrs) SEK1,000m (0.270%, 5yrs) EUR500m (0.900%, 8yrs)

“We are proud to finance “ have responded very “The popularity of this bond “It is rewarding to note This transaction is an important environmentally responsible positively to our sustainable demonstrates confidence in the substantial interest in the capital first step in an intended and projects that finance framework and the Co-op’s growth strategy and in market for green investments in programme of Green, Social promote the transition to a more success of this issue confirms particular how we’ve placed projects that will make the and Sustainability Bond efficient and sustainable lower- that we've taken the right country’s campuses even more issuance to support our carbon economy” approach. sustainability at the heart of our sustainable” Sustainable Finance strategy” future plans” Patti Shugart, Managing Director Liz Barber, Director of Finance and Kerstin Lindberg Göransson, Daniel Hanna, Global Head, and Global Head, RBC Regulation at YW Steve Murrells, CEO, Co-Op President, Akademiska Sustainable Finance, SCB

Source: London Stock Exchange, Bloomberg, July 2019 12 Chile Becomes first OECD sovereign to list on ISM as an Exempt Issuer

Issuance Details Transaction Details

Pricing Country Chile 17 June 2019 25 June 2019 Date Rating A+ / A1 / A Issue Size USD1.4bn EUR861 (S/M/F)

Sector Sovereign Coupon 3.500% 0.832%

Market ISM Maturity 31 Years 11 Years

Chile Launches America’s First Sovereign Green Bond ⎯ Chile is hosting the 25th annual UN Climate ⎯ The first green bond was issued in June 2019 and was priced at 95bp over US , which is the Change Conference of the Parties - "COP25" in lowest yield ever achieved for Chile 30 year debt. The issuance attracted interest from a larger number December 2019. of Europe based investors as well as 40 ESG specialist investors ⎯ As part of its national policy goals on climate ⎯ The government will use $523 million from the bond issue to fund renewable energy projects including change and the environment, the Government solar initiatives, infrastructure for electrified transport such as trains and buses, water management of Chile took a leading role in climate finance by enterprises and eco-friendly buildings. being the first country in South America to issue ⎯ Chile’s minster of finance, Felipe Larraín, said the bonds were one of a number of fiscal measures a sovereign green bond. intended to foster environmentally-friendly development in the country. ⎯ The Government prepared its Green Bond ⎯ Chile became the second sovereign issuer after the Netherlands to receive certification from the Climate Framework in conjunction with the Inter Bonds Initiative American Development Bank ("IADB"). ⎯ "We are proud of being the first sovereign to issue (a Green bond) in the American continent - the northern and southern hemisphere" said Andres Perez, Chilean Head of International Finance

Source: London Stock Exchange, Bloomberg, June 2019 13 Hong Kong Launched the first green sovereign bonds from Greater China on London Stock Exchange

HKSAR Government’s Inaugural Green Bond Offering

Country Details Transaction Details Distribution by Sovereign Wealth Funds/Central Country Hong Kong 41% Issue Date 29 May 2019 banks/SSAs

Fund Managers/Insurers/ Private Rating Aa2/AA+/AA+ Issue Size $1 billion 30% Banks

Sector Sovereigns Coupon 2.5% Banks 29

Market Main Market Maturity 5 years

Debt issuance story Geographical Distribution Asia 50% ⎯ The Government of the Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China issued its first international Green bond, joining a growing number of Asian sovereigns that are Europe 27% accessing sustainable financing to fund projects to protect the environment. US 23% ⎯ The green bond raised $1 billion with an annual yield of 2.55% as it listed on the London Stock Exchange’s Main Market. “We are pleased to see such strong demand for the HKSAR Government’s inaugural Green Bond. The ⎯ The proceeds will be used to support Hong Kong’s contribution under the Paris Agreement, with a favourable response from global investors indicates not focus on important projects in water and wastewater management, waste management and resource only their recognition of Hong Kong’s credit strength, recovery, green buildings and energy efficiency and conservation. but also their support of Hong Kong’s determination and efforts in promoting sustainable development and ⎯ Orders exceeded US$4bn from over 100 accounts. combatting climate change.”

⎯ Bookrunners on the bond offering were Credit Agricole CIB and HSBC. Financial Secretary of Hong Kong, Mr. Paul Chan

Source: London Stock Exchange, Bloomberg, Company Website May 2019 14 DCM Focus: Supranationals

15 AIIB Inaugural global bond priced at a spread of 6 to US Treasuries

Asian Infrastructure Investment Bank sole lists its first global bond on London Stock Exchange

Country Details Transaction Details Distribution by Investor

Asian Infrastructure Central Banks/Official Institutions 67% Company Investment Bank Issue Date 17 May 2019 Banks 25%

Rating Aaa/AAA/AAA Issue Size $2.5 billion Fund Manager 5%

Insurance / Pension Funds 2% Sector Supranationals Coupon 2.25% Other 1% Market Main Market Maturity 5 years

Company profile Debt issuance story Geographical Distribution Asia 49% ▪ The Asian Infrastructure Investment Bank (AIIB) ▪ AIIB priced its first ever $2.5 billion 5 year debut is a multilateral development bank that aims to global bond, listed on London Stock Exchange. EMEA 35% support the building of infrastructure in the Asia- Pacific region. ▪ Proceeds from the bond will be used to develop Americas 16% debt capital markets for infrastructure; enhance ▪ Headquartered in Beijing, AIIB began operations infrastructure as an asset class; and promote “Increased multilateralism through cooperation, in January 2016 and have now grown to 97 Environmental, Social and Governance (ESG) connectivity and investment in sustainable infrastructure is approved members worldwide. investment principles in Emerging Asia. integral to all our futures. The AIIB has already grown to 97 members since we began operations in 2016 and I’m ▪ By investing in sustainable infrastructure and ▪ The bond attracted orders of over 4.4.bn from over delighted to mark the occasion of our debut bond in the other productive sectors in Asia and beyond, AIIB 90 investors. UK – a founding member. aims to better connect people, services and markets that over time will impact the lives of ▪ Bookrunners on the bond offering were Bank of Jin Liqun, President, AIIB billions and build a better future. China, Credit Agricole CIB, International, and TD Securities.

Source: London Stock Exchange, Bloomberg, Company Website May 2019 16 Supranational Issuers A range of issuers and innovative products

651 $165bn 28 Active bonds Raised Currencies listed on LSE

May 2019 Jan 2019 Dec 2018 First Global First Sonia Linked First Green

USD2.5bn, 5yr GBP550m, 3yr EUR500m, 5yr

Oct 2018 June 2018 Aug 2015 First Komodo First Samarkand First EUR

IDR2tn, 5yr UZS160bn, 2yr EUR650m, 5yr Nov 2014 Sep 2013 Dec 2012 First Masala First Green First RMB

INR10bn, 10yr SEK500m, 5yr RMB600m, 3yr

Source: London Stock Exchange, Bloomberg, Dealogic, July 2019 17 DCM Focus: International Securities Market (ISM) and PDIII

18 ISM continues to grow Deals across sectors, geographies and IG/HY (as of 30 June)

84 bonds 37 issuers £23.7 billion 16 countries — £23.7 billion has been raised on ISM since listed on London’s Sovereigns and Money raised on Diverse global its launch, 42% of which was raised in 2019 International corporates International reach Securities Market Securities Market — Q2 2019 saw £4.0 billion raised, 2.1x more than 2Q18 (ISM) — ISM is home to 19 programmes from issuers from across the world, including 3 sovereigns – Chile, Sri Lanka and Fiji

Across multiple continents (£bn)* ISM Issuance OECD Countries are Exempt Issuers 0.2 0.4 6 16 — OECD member states are classified as 14 Exempt issuer for the purpose of admitting 1.8 5 12 securities to trading on ISM. This implies 4 10 that submission and publication of offering circulars is not required for admission to 3 8 trading 7.9 6 2 — Admitting notes issued by an OECD 4 Deals of No. 13.4 sovereign onto ISM is a very quick and 1 2 efficient process which can be completed in

Total Capital Raised (£bn) Raised Capital Total 0 0 one day Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 — Chile was the first OECD sovereign to list 2017 2018 2019 on the ISM without the need for a Africa APAC Europe North America ME Total Capital Raised (£bn) No. of Deals Prospectus

Source: London Stock Exchange Data, FactSet, July 2019 *Sector and region graphs are based on the capital raised 19 Regulatory Update: Prospectus Directive London’s markets prepared to ensure efficient implementation

PDIII will come into effect on the 21st July 2019. Please see our Regulatory Update on PDIII here

PDIII overview International Securities Market (ISM) Key Benefits

―The EU Prospectus regime harmonises requirements for More flexibility in respect of Risk Factors: An ISM admission can ensure those issuers who wish to maintain consistency with regards to the the drafting, approval and distribution of the prospectus to drafting of Risk Factors for their Eurobond programmes with their global be published when securities are offered to the public or programmes (i.e. for jurisdictions where the new EU PR rules on risk admitted to trading on a regulated market in an EU factors do not apply) can choose to do so Member State. Enhanced flexibility in respect of inclusion of information in final terms: Base prospectuses can be used to issue the full range of ―The new prospectus regulation replaces the existing structured and complex bonds without the requirement to publish a Prospectus directive “PD” and all related technical drawdown prospectus or change terms and conditions and thus retain measures. grandfathering of prospectuses approved pre 21 July 2019 Simplified Disclosure Regime: ISM rules allow issuers to benefit from a ― Although the new rules will not take effect fully until 21 simplified disclosure regime utilising reduced disclosure for any issuer with July 2019, competent authorities will be applying the new any (debt or equity) admitted to any market deemed suitable by requirements to any prospectuses under review that are the Exchange. expected to be approved after 21 July 2019. Enhanced future incorporation by reference: The ISM Rulebook allows for the future incorporation by reference of interim and annual financials, ―For a London Stock Exchange , a PR compliant as well as inside information required to be made public under the Market prospectus needs to be submitted to the Listing Abuse Regulation. Department of the Financial Conduct Authority (“FCA”) for Documentation Publication: London issuers have the option to upload admission to the regulated market (“Main Market”) of the any documents or links onto the specific security pages of their London Stock Exchange only. instruments on the website of the Exchange

20 Dual Listing on or Moving to ISM Promotion for dual listing or migrating existing securities on other exchanges

On the issuance of a new security admitted to ISM, or the admission of and first drawdown under a new programme on ISM, an issuer can avail a waiver on admission and vetting fees for the admission of existing securities that are listed on other Exchanges, excluding structured products, as defined in the ISM Rulebook.

Benefits

This promotion enables issuers to dual list or migrate securities admitted to other suitable exchanges onto ISM for free, alongside any new issuance. In this way issuers are able to:

― Consolidate debt securities onto one exchange

― Streamline ongoing obligations and exposure to regulatory regimes

― Reduce costs of complying with ongoing obligations (i.e. fewer RIS announcements fees to various exchanges)

The promotion is subject to conditions which can be found at: https://www.londonstockexchange.com/companies-and-advisors/listing/fees/fees.htm 21 What’s New on ISM? Rule changes improving benefits for issuers

On 25 February 2019, the ISM Rulebook was updated to reflect new features for issuers, based on a market consultation process

Additional Benefits for Issuers Linked Securities Enables UK authorised ILS issuers to be admitted to ISM with Dual establishment of programmes on both Main Market and ISM, at tailored documentation disclosure and publishing no additional charge, enables securities to be admitted to both markets interchangeably under the same documentation, providing requirements suitable to ILS flexibility as follows:

1. Incorporation by reference of future financial information as well Future Incorporation by Reference as announcements made under Article 17 of MAR Allows an issuer to incorporate information that has been published in accordance with Article 17 of Market Abuse This negates the need for an issuer to file supplementary prospectuses – securities can be admitted to ISM during windows 1 Regulation by reference into its admission particulars where an issuer would typically need to file a supplement on the Main Market. This maximises an issuer’s market windows and also reduces legal drafting costs Hardwired Derogations Provisions have been extended to provide for the omission of 2. Inclusion of additional terms and conditions not included within financial information and certain disclosure where the the base prospectus guarantor group represents more than 25% but less than 75% This ensures that if the T&Cs for specific types of issuance are not of the consolidated profits and assets of the group’s audited included in the base documentation, this can be added into the pricing consolidated financial information and provided that the supplement, saving on the requirement to either produce a drawdown guarantee prevents structural subordination. prospectus or update the programme (e.g. green bonds, SONIA- linked)

1 https://www.fca.org.uk/markets/market-abuse/regulation 22 DCM Focus: Where Can You Find Us? (Q3 and Q4 Events)

23 London Stock Exchange Events Calendar Q3 and Q4 2019 & Thought Leadership

Conference Date Location

IFN UK Islamic Finance Week 5 September London, UK 18 -19 Euromoney Saudi Conference Riyadh, Saudi Arabia September 23 - 25 IFC Debt Mobilisation Conference Madrid, Spain September LSEG Annual IPO & Capital Markets 8 October Dublin, Ireland Forum

LSEG Sustainable Finance Summit 11 October London, UK

LSEG Annual China Conference 23 October Beijing, China LSEG Annual Israel Conference 25 October Tel Aviv, Israel 13 - 14 Bonds, Loans & Sukuk Turkey Istanbul, Turkey November Bonds, Loans & Sukuk Emerging Markets Issuers and Investors 18 November Singapore Forum

Leadership in DCM from London Stock Exchange Group:

• FTSE Russell’s presentation to ’s Working Group on Sterling-Risk Free Reference Rates on 14 May 2019 • FTSE Russell launched first climate risk index on 8 July 2019. Please see the announcement here

24 DCM Focus: Your LSEG team

25 Dr. Darko Hajdukovic Shrey Kohli Head of UK , Analytics Director, Fixed Income & Funds and Investment Funds +44 20 7797 4313 +44 20 7797 3306 [email protected] [email protected]

Elena Chimonides Omair Mohyal Fixed Income Product Specialist Fixed Income Product Specialist +44 20 7797 1509 +44 20 7797 3913 [email protected] [email protected] Product Development & Innovation Global Sales & Relationship Management

Sarah Ellena Alex Imseeh Manager, Fixed Income & Funds Fixed Income Sales Associate +44 20 7797 3872 +44 20 7797 3750 [email protected] [email protected] Latin America, China & Japan N. America, Europe & India

David Ashaolu-Coker Federica Giacometti Fixed Income Product Specialist Fixed Income Sales Associate +44 20 7797 4633 +44 20 7797 1392 [email protected] [email protected] UK & Africa UK, Middle East & Asia Pacific Legal Disclaimer

This document has been compiled by London Stock Exchange plc (the “Exchange”). The Exchange has attempted to ensure that the information in this document is accurate, however the information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. The Exchange does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the information in it. The Exchange is not responsible for any third party content which is set out in this document. No responsibility is accepted by or on behalf of the Exchange for any errors, omissions, or inaccurate information in the document. No action should be taken or omitted to be taken in reliance upon information in this document. The Exchange accepts no liability for the results of any action taken on the basis of the information in this document. All implied warranties, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy are excluded by the Exchange to the extent that they may be excluded as a matter of law. Further, the Exchange does not warrant that the document is error free or that any defects will be corrected. To the extent permitted by applicable law, the Exchange expressly disclaims all liability howsoever arising whether in contract, tort (or deceit) or otherwise (including, but not limited to, liability for any negligent act or omissions) to any person in respect of any claims or losses of any nature, arising directly or indirectly from: (i) anything done or the consequences of anything done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this document, and (ii) the use of any data or materials in this document. Information in this document is not offered as advice on any particular matter and must not be treated as a substitute for specific advice. In particular information in the document does not constitute professional, financial or investment advice and must not be used as a basis for making investment decisions and is in no way intended, directly or indirectly, as an attempt to market or sell any type of financial instrument. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances. The contents of this document do not constitute an invitation to invest in shares of the Exchange, or constitute or form a part of any offer for the sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of it form the basis of, or be relied upon in connection with any contract or commitment whatsoever. London Stock Exchange and the London Stock Exchange device are registered trade marks of the Exchange. Other logos, organisations and company names referred to may be the trade marks of their respective owners. No part of these trademarks, or any other trademark owned by the Exchange can be used, reproduced or transmitted in any form without express written consent by the owner of the trademark. This communication does not constitute legal advice, and you should seek your own legal advice on the matters discussed in this communication. LSEG does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the Information. No responsibility is accepted by or on behalf of the LSEG for any errors, omissions, or inaccurate Information in this communication. No action should be taken or omitted to be taken in reliance upon Information in this communication. We accept no liability for the results of any action taken on the basis of the Information. © 2019 London Stock Exchange plc 10 London EC4M 7LS Telephone +44 (0)20 7797 1000 www.lseg.com

27