debt capital markets update - london stock exchange · 2020. 4. 15. · 3 update for issuers and...
TRANSCRIPT
Debt Capital Markets Update
London Stock Exchange
Q1 2020
2
Contents
1. Trends in Global Debt Capital Markets
2. Q1 2020 DCM Highlights
3. DCM Focus: Social Bonds
4. Focus: Spark Live
5. Where Can You Find Us
6. Your LSEG team
3
Update for Issuers and ParticipantsIn light of the impact of Covid-19
London Stock Exchange continues to operate as normal and there are no
plans to suspend trading on our markets. It is important that markets
remain open to support companies who will continue to need access to
capital and to ensure pricing is conducted in a fair and transparent
manner for retail and institutional investors who need ongoing access to
liquidity.
London Stock Exchange takes its responsibility to ensure the orderly functioning
of markets and continuity of services for its customers and other stakeholders
very seriously. We have in place robust business continuity arrangements, which
are regularly tested, to ensure the safe and orderly functioning of our business.
London Stock Exchange supports the joint statement from the Financial Conduct
Authority, Financial Reporting Council and Prudential Regulatory Authority which
set out a series of actions and statements designed to assist companies across
UK markets, in light of the unprecedented impact of the Coronavirus (COVID-19)
pandemic. We have been working closely with regulators and authorities to
ensure a consistent approach across our markets.
We recognise and understand the challenges faced by many market participants
navigating the current volatile market conditions and have a variety of measures
in place to ensure an orderly and fair market. We will continue to adjust our
response as needed.
Learn more at https://www.lsegissuerservices.com/spark/covid-19-issuer-update
Resources:
Joint statement from FCA, FRC and PRA on
corporate reporting
London Stock Exchange
Inside AIM with guidance for AIM market
participants
Market notice on procedures for dividend
deferrals/cancellations
Explanation of circuit breakers
Financial Conduct Authority
FCA announcement on preliminary financial
accounts
Statement on LIBOR transition plans
Financial Reporting Council
Corporate Reporting
BEIS and Companies House
Filing accounts extension
FTSE Russell research resources on
COVID19 and markets available here.
4
Support for Issuers of Social BondsAdmission fee waiver for social or sustainability bonds whose proceeds mitigate the impact of COVID-19
– At LSEG we believe that social and sustainability bonds with use of proceeds aligned to funding essential services such
as healthcare, water and sanitation, supporting employment, or with a link to the relevant UN Sustainable Development
Goals can have a role to play in directing capital to initiatives that will help mitigate the impact of COVID-19
– London Stock Exchange will be admitting social and sustainability bonds with use of proceeds aligned towards mitigating
the impact of COVID-19 with no admission fees for an initial period of three months commencing 3 April 2020
Eligibility Criteria
• Applies to bonds admitted to one of London Stock Exchange’s markets
• Applies to social or sustainability bonds only that meet the eligibility
criteria for the Sustainable Bond Market, and where use of proceeds are
aligned towards addressing or mitigating social issues wholly or partially
emanating from COVID-19 through projects related to access to essential
services, healthcare, employment, water and sanitation or the relevant
UN Sustainable Development Goals under the issuer’s publicly available
and provided framework
• Issuers and advisors would need to request for the application of this fee
waiver on the relevant Sustainable Bond Market Application and
Declaration form (sent to [email protected] and [email protected])
• End date: Thursday, 2 July 2020 (3 months)
For further information on the Sustainable Bond Market,
refer to the dedicated factsheet and eligibility criteria
here. Additional guidance on ICMA’s Social Bond
Principles and their relevance in addressing COVID-19
crisis can be found here, and high level mapping to the
Sustainable Development Goals can be found here.
Source: LSEG, April 2020
Recent Social Bond Issuers to mitigate against the impact of COVID-19:
5
Changes to Market Making ObligationsGilts and Corporate Bonds on Fixed Income Order Books
https://londonstockexchange.com/traders-and-brokers/rules-regulations/change-and-updates/stock-exchange-notices/2020/n0320.pdf
https://londonstockexchange.com/traders-and-brokers/rules-regulations/change-and-updates/stock-exchange-notices/2020/n0620.pdf
• All Gilt-Edged securities traded on the Order Book for Retail Bonds (“ORB”) have their maximum
spread requirements for registered market makers widened to 5%, and Exchange Market Size
(“EMS”) reduced to 10,000 from Tuesday 17 March 2020
• Fixed interest securities trading on ORB in trading segment UKCP, trading sector UKC3 currently
have a registered market maker maximum spread floor of £0.03. In light of current market
conditions, the maximum spread floor will be increased to £0.10 for the four fixed interest securities
trading on ORB in trading segment UKCP, trading sector UKC3 listed below, from Tuesday 24
March 2020
These changes have been made in accordance with Rule 4102 of the Rules of the London Stock
Exchange and will remain in place until further notice. Relevant market notices in footnotes.
6
Trends in Global Debt Capital
Markets: Q1 2020
7
Global Macro and DCM DynamicsRates at historic lows; governments and investment grade corporates drive issuance in March
Central banks loosen policy rates in effort to stimulate economy Upcoming announcements provide insight into Covid-19 impact
Despite strong headwinds, DCM issuance trends continue to hold Annual Supply by month, since 2018
Source: Bloomberg, FactSet, Dealogic, April 2020
-0.10%
-0.05%
0.00%
0.05%
0.10%
0.15%
0.20%
0.25%
Fed Funds RateEurozone Deposit RateBOE Base Rate
0
5
10
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Mar
# o
f bonds (
‘000)
Volu
me (
$tn
)
Total Count2020
Global Q1 2020 Issuance, by sector
9
2
64 4
6 64
5 5
1
02468
101214
Utilitie
s
Industria
ls
Govern
ment
Fin
ancia
ls
Consum
er
Sta
ple
s
Consum
er
Dis
cre
tionary
Com
mm
s
Mate
rials
Energ
y
# o
f bonds
Q1 2020 Q1 201976 56 135 128
Date Q2 2020
14 Apr Trade Balance
14 Apr Imports/Exports
16 Apr CPI
16 Apr Initial Claims
17 Apr GDP
20 Apr Trade Balance
22 Apr CPI
22 Apr Leading Index
8
— 279 bonds were issued on London Stock Exchange during Q1 2020; $119bn in debt capital raised
— London has seen a 19% uptick in issuance on a Q/Q basis, while other exchanges have seen fewer issuances
1 Bloomberg, as of April 2020
2 Dealogic, as of April 2020
Note: Based on individual tranches issued. Duplicates for 144A and RegS are consolidated. Structured Products are excluded
London Stock Exchange bonds: 2015 to Q1 2020 Bonds/Capital Raised across select exchanges 2019 Q1 vs. 2020 Q1
Debt Listings By ExchangeLondon’s increased market share of global listings
$589bn
$503bn$453bn
$491bn$443bn
$119bn
897
990
902
1,068
934
279
0
200
400
600
800
1000
1200
0
100
200
300
400
500
600
700
2015 2016 2017 2018 2019 2020
No
. Of B
on
ds
Cap
ita
l R
ais
ed
($
bn
)
Capital raised ($bn) Count
$290bn
$119bn
$85bn$61bn
701
279
361
154
716
234
387
155
0
100
200
300
400
500
600
700
800
0
50
100
150
200
250
300
350
LUX LSE DUB SGX
No
. Of B
on
ds
Cap
ita
l R
ais
ed
($
bn
)
Capital raised ($bn) Q1 2020 Q1 2019
9
DCM Highlights: Q1 2020
10
Source: London Stock Exchange Data, Dealogic, April 2020
Co
rpo
rate
s +
FIG
So
ve
reig
ns
&
Su
pra
na
tio
na
ls
Gre
en
Bo
nd
s &
SO
NIA
Key Q1 2020 Issuances
USD 1.75bn, 2%, 5Y
January 2020
Main Market
USD 1bn, 2%, 3Y
January 2020
Main Market
USD 500m, 25%, 5Y
January 2020
Main Market
USD 1bn, 3.25%, 10Y
January 2020
ISM
GBP 350m, 1.13%, 5Y
EUR 120m, 0.67%, 7Y
January 2020
Main Market
KES 786m, 12.3%, 4Y
January 2020
ISM
USD 300m, 3.95%, 30Y
USD 700m, 3.25%, 10Y
February 2020
ISM
USD 550m, 4.4%, 3Y
February 2020
ISM
USD 1bn, 2.75%, 7Y
February 2020
Main Market
USD 25m, 1.23%, 30Y
February 2020
Main Market
USD 2bn, 4.6%, 11Y
March 2020
Main Market
USD 900m, 1.5%, 5Y
EUR 1.25bn, 0.01%, 3Y
March 2020
Main Market
SEK 500m, 0.19%, 3Y
March 2020
Main Market
USD 750m, 5.4%, 5Y
USD 750m, 5.6%, 10Y
March 2020
Main Market
USD 3bn, 1.75%, 5Y
January 2020
Main Market
USD 2.8bn, 3.75%, 15Y
USD 1bn, 2.75%, 12Y
January 2020
Main Market
USD 900m, 3.5%, 30Y
EUR 1.3bn, 1.25%, 20Y
January 2020
ISM
EUR 200m, 0.15%, 15Y
January 2020
Main Market
USD 1bn, 7.9%, 15Y
February 2020
Main Market
USD 2bn, 0.75%, 2Y
March 2020
Main Market
USD 100m, 0.56%, 3Y
SEK 750m, 0.13%, 2Y
March 2020
Main Market
GBP 1bn, 0.55%, 5Y
SONIA linked
January 2020
Main Market
GBP 1bn, 0.55%, 5Y
SONIA linked
January 2020
Main Market
GBP 500m, 0.52%, 5Y
SONIA linked
January 2020
Main Market
USD 925m, 1.5%, 5Y
Green Bond
February 2020
Main Market
USD 750m, 2.55%, 12Y
Green Bond
February 2020
Main Market
USD 3bn, 0.75%, 3Y
Green/Covid-19 Bond
March 2020
Main Market
USD 200m, 2.88%, 10Y
Green Bond
March 2020
Main Market
11
Source: London Stock Exchange Data, April 2020
Note: Based on individual tranches issued. Duplicates for 144A and RegS are consolidated
Uptick in London Stock Exchange listingsBond issuance up 48% YoY in Q1 2020
– Bond issuances on London Stock Exchange continue to grow robustly, with total issuances across the Main Market and ISM up 48% YoY in Q1 2020.
– A total of £82.2bn was raised through bond issuances on both the Main Market and ISM in Q1 2020, up 30% YoY.
276307 291
365399
8
11 25
19
20
0
20
40
60
80
100
120
140
0
100
200
300
400
500
Q1 Q2 Q3 Q4 Q1
2019 2019 2019 2019 2020
To
tal C
apita
l Ra
ise
d (£
bn
)N
o o
f B
onds Issued
Main Market (LHS) ISM (LHS) Capital Raised (£bn) (RHS)
1212
158 bonds
listed on London’s
International
Securities Market
(ISM)
19 countries
Diverse global
reach
£44.5 billion
Money raised on
International
Securities Market
58 issuers
Sovereigns and
corporates
Source: London Stock Exchange Data, April 2020
* Term Investment Grade refers to categories ranging from ‘AAA’ to ‘BBB’. High Yield refers to categories ranging from ‘BB’ to ‘D’
** Region graphs are based on the capital raised
ISM Issuance since Launch
1 2 411
1929
4052
65
79
109
131
158
0
20
40
60
80
100
120
140
160
180
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2017 2018 2019 2020
0
5
10
15
20
25
30
35
40
45
50N
um
ber o
f Bonds
Am
ount ra
ised (
$bn)
By Credit rating*
By Region**
ISM Accelerates GrowthCapital raised in Q1 2020 up 146% on Q1 2019
54%
27%
11%
5%
2% 1%
APAC Europe South America
North America ME Africa
15%
77%
High Yield Investment Grade
1313
64%Of total capital
raised is on LSE
SONIA and SOFR Bond Issuance on London Stock Exchange
Source: Bloomberg, Bank of England, April 2020
All duplicate bonds are consolidated
Capital Raised
on LSE
£12.2bn
Raised in 2020 Q1
through SONIA and
SOFR issuances
25Issuers
With QNB Finance
raising £1.5bn via 1
issuance in February
With 64% of
issuances by
volume in London
— London Stock Exchange saw another milestone for SONIA issuances in Q1
with RBC issuing the tightest and largest SONIA deal ever for a non-UK bank
— The £1.25bn five year floating rate covered bond attracted demand of
£2.1bn at reoffer and was priced 5bp inside initial guidance at 47bp
over Sonia with no new issue concession
— The depth of demand illustrated the growth in bids for SONIA products
— Also in Q1, EBRD pioneered a new coupon calculation for Sonia FRNs, opting
for a five day observation shift, as opposed to the standard 5 day “lag”
lookback
SOFR Issuances in Q1
Issuer Name Issue DateAmount Issued
($m)Tenor Industry
QNB Finance 12/02/2020 1,540 2 Financials
EBRD 13/03/2020 445 3 Supranational
QNB Finance 28/01/2020 19 2 Financials
SONIA & SOFR Issuances GrowBanks continue to raise funds through SONIA issuances
Selected SONIA Issuances in Q1
Issuer Name Issue DateAmount Issued
($m)Tenor Industry
Royal Bank of Canada 30/01/2020 1,250 5 Financials
Santander UK 12/02/2020 1,000 7 Financials
Lloyds Bank 03/02/2020 1,000 3 Financials
Nationwide Building Society 10/01/2020 1,000 5 Financials
Commonwealth Bank of Australia 16/01/2020 1,000 5 Financials
0
7
14
21
28
0
4
8
12
16
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2018 2019 2020
No
. D
ea
ls
Ca
pita
l R
ais
ed
(£
bn
)
Capital Raised (£bn) No. Deals
14
DCM Focus: Social Bonds
1515
233Active bonds
admitted to SBM
are listed in London
£42bnTotal money raised from
green issuances
59Unique bond issuers
17Unique currency
denominations
Source: Bloomberg, London Stock Exchange, April 2020
*Based on social, sustainable and issuer-classified bond issuances on London Stock Exchange
Sustainable Bond Market issuance since 2014
Sustainable Bond Market breakdown
London’s Sustainable Bond MarketSocial bond issuance in Q1 2020 nears 2019 total
EUR34%
GBP27%
USD26%
SEK9%
Other4%
Government42%
Utilities28%
Financial23%
Consumer2%
Other4%
0
10
20
30
40
50
60
0
2
4
6
8
10
12
14
2014 2015 2016 2017 2018 2019 2020 Q1
No.
Bonds
Capital R
ais
ed (
£m
)
Green Issuer Level Classification Social Sustainability No. Bonds
16
Issuance Details
CompanyInternational Finance
Corporation
Rating (M) Aaa
Sector Supranational
Market Main Market
Transaction Details
Issue Date 23 March 2020
Issue Size $1 billion
Coupon 0.50%
Maturity 3 years
Source: LSE, Global Capital, April 2020
IFC acts as the first to offer a coordinated and global response to the pandemic
— International Finance Corporation (IFC); a sister organization of the World Bank and
member of the World Bank Group, is the largest global development institution focused
on the private sector in emerging markets.
— On 23 March, 2020 the institution successfully priced its $1 billion Covid-19 social bond
which was oversubscribed more than three times, with orders of over $3.4 billion.
— Issued on London Stock Exchange’s Main Market, the social bond will pay an annual
interest of 0.5% and mature on 23rd of April, 2023.
— With its main goal to maintain jobs and reduce the economic impact of the pandemic,
proceeds from the Covid-19 social bond will be utilised to support affected developing
countries.
— Bank of America, Barclays, Crédit Agricole and DZ Bank acted as Joint Global
Coordinators for this deal.
International Finance CorporationIssues its first public dollar deal in social bond format since 2017, and its largest ever
“The Covid-19 pandemic is affecting the lives of
almost everyone on the planet, and it requires a
coordinated response in order to help minimise the
impact to some of the most vulnerable in society. As
impact investors, we have a role to play in
channelling sources of capital into investments that
have the potential to contribute to today’s most
difficult societal challenges. This social bond
issuance is representative of the way in which the
public and private sectors can come together to find
solutions to the problems faced by wider society.”
Philipp Müller, CEO of BlueOrchard(Investor in IFC’s Covid-19 social bond issuance)
17
Source: LSE, Global Capital, April 2020
— The African Development Bank (AfDB) or Banque Africaine de Développement is a
supranational bank to African governments and private companies.
— The bank successfully launched its $3 billion social bond; the world’s largest social bond and the
largest green, social or sustainable bond issuance on London Stock Exchange’s Sustainable
Bond Market (SBM).
— The proceeds from the “Fight Covid-19” social bond, will be utilised towards enhancing access
to essential services, supporting healthcare, employment, water and sanitation to mitigate the
impact of the pandemic.
— The bond issuance, AfDB’s biggest yet in dollar terms, is the first of the bank’s measures in
response to the virus and will contribute to the African continent’s response.
— This is AfDB’s first London listed issuance (Main Market) as an exempt supranational issuer.
African Development Bank“Fight Covid-19” social bond is the world’s largest in dollar and the largest issuance on Sustainable Bond Market
“These are critical times for Africa as it addresses
the challenges resulting from the Coronavirus. The
African Development Bank is taking bold measures
to support African countries. This $3 billion Covid-19
bond issuance is the first part of our comprehensive
response that will soon be announced. This is indeed
the largest dollar social bond transaction to date in
capital markets. We are here for Africa, and we will
provide significant rapid support for countries.”
Dr. Akinwumi Adesina, President of AfDB
Issuance Details
Company African Development Bank
Rating (M/S&P/F) Aaa/AAA/AAA
Sector Supranational
Market Main Market
Transaction Details
Issue Date 26 March 2020
Issue Size $3 billion
Coupon 0.75%
Maturity 3 years
Distribution by Investor
Central Banks/Official Institutions 53%
Banks 20%
Asset Managers 28%
Geographical Distribution
Europe 37%
Americas 36%
Asia 18%
Africa 8%
Middle East 1%
AfDB makes its debut on London Stock Exchange’with its record breaking $3 billion Social
Bond
18
Focus: Spark Live
19
Spark LiveVideo streaming service from London Stock Exchange Issuer Services
— Searchable
transcript
— Synced with video
— On demand tracking
— Slide zoom in / out
— Slides syncing
— Chapters splitting
— Speaker bios
— Live Q&A
— View earlier slides
with
— Back-to live
functionality
— Slides synced with
video live and on
demand
— Optional download
digital assets for the
viewer— Spark Live is the digital video streaming service
from London Stock Exchange Issuer Services
— Proprietary technology to assist corporates to
present their story to the investor community
— Unique distribution and reach to global investors
— Neutral, trusted location leveraging London Stock
Exchange brand and connectivity
— Spark Live can support:
— Corporate presentations such as full year
and half year results
— Corporate roadshows / group meetings
— Capital markets days
— Conferences
— Solution to assist with contingency planning for
events and meetings
20
Spark LiveDrive liquidity, visibility and demand
Tell your StoryEnhance your profile page with branding, social media feeds, research and
event calendars to support your corporate marketing strategy
Reach Millions of
InvestorsThrough your profile on our trusted portal, your broadcasts are available to
millions of visitors at www.londonstockexchange.com
Maximise your
Content ViewInvestors can view your events in real time or catch up on demand. Wherever
and whenever works for them
Build Powerful
CommunicationsUse our tools to add investor Q&As, slide syncing, speaker bios, presentation
downloads, transcripts and more
Broadcast
WorldwideBroadcast your financial results, capital market days or analyst updates from
any location to increase the reach of every event
21
LSEG Debt Capital Markets
Forum 2020
2222
Date : Monday, 21 Sep 2020,
8.30am - 2.00pm
Venue: London Stock Exchange
Group, 10 Paternoster Square,
London EC4M 7LS
Key Topics
Due to the impact of the pandemic, and keeping in mind the health
and well-being of our guests, our annual DCM conference will now
be held in September*. Topics will include:
‒ Recent Trends in Global Debt Capital Markets
‒ Growth and evolution of sustainable finance
‒ Challenges and opportunities in the transition to alternative risk free
rates
‒ Innovation in primary markets through new emerging technologies
For further information and updates please visit
https://www.lseg.com/LSEGDCM2020
Event details Time
Registration 8.30am
Conference 9.00am
Networking lunch 1.00pm
Conference ends 2.00pm
LSEG Debt Capital Markets Forum 2020LSEG’s Annual DCM conference – 21 September 2020
* The health and well-being of our colleagues, customers and guests is of paramount importance to London Stock Exchange Group. In order to protect against the spread
of the coronavirus (COVID-19), LSEG has implemented a number of global policies that restrict certain events and meetings in our offices. This event was initially planned
for 6th March 2020.
23
Your LSEG Team
Dr. Darko Hajdukovic
Head of Multi-Asset Primary Markets
and Investment Funds
+44 20 7797 3306
Omair Mohyal
Manager, Business Development
+44 20 7797 3913
Global Sales & Relationship Management
Alex Imseeh
Senior Associate, Business
Development
+44 20 7797 3750
N. America, Europe & India
Sarah Ellena
Manager, Business Development
+44 20 7797 3872
Latin America, China & Japan
Elena Chimonides
Manager, Product Development
+44 20 7797 1509
Product Development & Innovation
Federica Giacometti
Associate, Business Development
+44 20 7797 1392
UK, Middle East & Asia Pacific
Shrey Kohli
Director, Head of Business and Product
Development
+44 20 7797 4313
David Ashaolu-Coker
Associate, Product Development
+44 20 7797 4633
UK & Africa
LSEG Useful Numbers:
Issuer Services: [email protected] / +44 (0) 20 7797 1735
RNS: [email protected] / +44 (0) 20 7797 4400
Admissions: [email protected] / + 44 (0) 20 7797 4310
AIM Regulation: [email protected] / +44 (0) 20 7797 4154
Market Supervision: +44 (0) 20 7797 3666
Stock Situations: [email protected] / +44 (0) 20 7797 1579
Fixed Income: [email protected] / +44 (0) 20 7797 3921
26
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