Dechert's International Capital Markets Team In Conversation With...  

June 29, 2022

Euronext Dublin

In this issue of Dechert’s International Capital Markets Team’s “In Conversation With...” series, associate Amy Rees and partner Patrick Lyons sit down with Maurizio Pastore, Head of Debt and Funds Listing at Euronext Dublin, to discuss:

Recent General Market Developments and Trends

Dechert: What are the main trends Euronext Dublin has seen on issuance volumes and types of issuances as a result of the COVID-19 pandemic? Do you expect these trends to continue?

Maurizio Pastore: The pandemic has demonstrated the resilience of the ESG asset class with an increasing demand from investors during the COVID-19 crisis period. Euronext experienced a great listing flow of ESG products in 2020 and we expect this to grow in the future. In particular, many ESG products were issued to remedy the social impact of the COVID-19 pandemic, to provide funding for public entities and corporates in the public sector, social welfare plans, hospitals and municipalities. 

2021 was also a great year for collateralised loan obligation (“CLO”) listings, with almost 6,000 CLOs listed in Dublin. We also saw public entities and blue-chip issuers from several jurisdictions, including Latin America and the Middle East tap the market. While we recognise that the majority of CLO deals were issued as resets and refinancings, we do believe that CLOs, and asset backed securities (“ABS”) products in general, will continue to be popular. This was indicated by the deal pipeline for the first quarter of 2022, which unfortunately did not materialise due to instability in the market following the outbreak of war in Ukraine. However, in May we saw a few CLOs and High Yields going public as issuers become comfortable with the new market conditions and pricing, and we consider that the pipeline is potentially strong in 2022, although in a very different context compared to 2021. We have many years of experience with ABS products and we are trusted by issuers to provide an informed and efficient process. 

Dechert: The Russian invasion of Ukraine in February this year, the ongoing conflict and the subsequent financial sanctions placed on Russia by the international community have led to volatility in the debt capital markets. What impact has this had on Euronext Dublin to date in 2022? 

Maurizio Pastore: Naturally, the conflict in Ukraine added further instability to an already challenging macroeconomic environment, which did not help the issuance pipeline both on the equity side and on the debt side. Investors were nervous of the high volatility and issuers were hesitant to tap the market with growing yields. There has, however, recently been a “normalisation” of conditions and the market is beginning to pick up again. 

Euronext has contingency plans in place and is monitoring the current situation closely. As a Pan-European exchange we have taken actions to delist, suspend or mark as non-negotiable securities domiciled in Russia or Belarus, where deemed necessary, to comply with applicable sanctions. 

Dechert: In 2021, 78 percent of new listings were on the Global Exchange Market (“GEM”), as compared to the Main Market. What is the reason for the increase in issuer appetite to list on GEM?

Maurizio Pastore: Excluding 2021, which was an exceptional year, our exchange regulated market, GEM, has grown by approximately 60 percent year on year, as compared to the 40 percent growth seen by the Main Market. This is because investors are becoming more and more confident in “solid” multilateral trading facilities (“MTF”) (i.e., MTFs, which provide transparency and security for institutional investors). 

We have worked very hard to ensure that GEM strikes the right balance of delivering efficiency of review and competitive pricing without sacrificing transparency and reputation. Euronext prides itself that a listing on GEM is widely recognised by investors as having been subject to sufficient scrutiny but at the same time our clients can take advantage of our flexible industry-focused approach. In addition, GEM provides certainty of timeframe, which is valued by all parties and their advisors. It is these traits that have appealed to issuers and investors alike and have contributed to the success of GEM. Our review team also has many years of experience and specialist expertise in listing certain products such as CLOs and therefore can offer expedited reviews. For these reasons, a large number of such issuers chose to list with us last year, which contributed to the exceptional growth numbers mentioned.

We know that the Main Market plays a crucial role in housing investments for investors such as pension funds, insurance companies and banks, which may have wider asset allocation if listed on a regulated market. We therefore consider GEM’s growth to be healthy but also recognise the importance of a functioning EU regulated market for debt issuers.

ESG Matters

Dechert: Last year, there was an 86 percent increase in ESG bond listings on Euronext, with 436 ESG bonds listed in 2021, as compared to just 235 in 2020. This seems to demonstrate the growing importance of ESG considerations to investors; how does Euronext Dublin think this will affect the markets in the longer term?

Maurizio Pastore: As regulatory powers, investors (and society in general) push companies to implement ambitious sustainability targets, we expect that ESG bonds will continue to multiply in order to support these commitments. We have noticed that small and medium corporates are particularly keen to increase the use of sustainability-linked bonds or green bonds and, as a result, in the coming years we expect that almost all debt issuances will have an ESG angle. 

We are invested in supporting this positive trend with the aim of becoming a world leading ESG bond listing venue by the end of 2022. We are also tracking the 1.5-degree commitment of our issuers. 

Companies are incorporating sustainability risks and factors into their overall strategy, which appeals to an ever-growing investor appetite for ESG opportunities. There is no doubt that COVID-19 has helped accelerate this growth and the diversification of this sector in 2021. The highly volatile market conditions in the first quarter of 2022 have also impacted ESG growth. Sustainable bond issuances reached US$232 billion in the first quarter of 2022, which represents a decline of 19 percent from the first quarter of 2021 (US$287 billion). During the period, we have seen ESG bond issuances slow down from public agencies and sovereigns, while European corporates showed resilience and experienced a slight increase compared to the first quarter of 2021. Euronext is capturing this business and our ESG business grew during the first quarter of 2022 despite declining ESG markets. 

Dechert: Do you see any potential obstacles to this growth continuing, for example, the increased concerns of “greenwashing”?

Maurizio Pastore: We consider the risk of greenwashing for the issuers listed with us to be limited at present as no market participant wants to be associated with such practice due to the public focus on the issue and the consequential reputational damage. Investors are becoming increasingly demanding in relation to ESG reporting requirements and key performance indicators and it is likely that a reduction in the risk of greenwashing will be a target of incoming reforms to the Prospectus Regulation.

We believe that more stringent regulations will be implemented in the near future and understand that the EU Commission is preparing a green bond standard. 

One issue is that small and medium-sized enterprises that could benefit from ESG bond issuances may suffer from the disproportionately large cost of reporting. At the moment, issuers of ESG bonds are not sufficiently compensated by pricing premiums, as compared to normal bonds, despite the enthusiasm for ESG bonds. In our view, regulators and legislators need to somehow offset the burdensome and costly reporting requirements to make such issuances more attractive. 

Dechert: The majority of the ESG listings on Euronext last year were “green bonds” and only a few were “social bonds” and “sustainability-linked bonds”. Does Euronext Dublin see this as likely to change in 2022 and the coming years? Does Euronext Dublin expect significant uptake of other “new bonds”, such as “gender bonds”? 

Maurizio Pastore: At Euronext, green bonds continue to lead the way in terms of listed ESG asset classes. But since 2020 we have also experienced a significant increase in the listing of social bonds, which were issued to mitigate the negative impact of the COVID-19 pandemic. Since ICMA issued its sustainability-linked bonds criteria and the ECB accepted this paper as collateral, this product has grown exponentially, from three sustainability-linked bonds listed with us in the first quarter of 2021 to 13 in the first quarter of 2022. 

We actively support any product that helps companies to transition to a more sustainable form of financing. We believe Euronext is well positioned to support the uptake of any new ESG product (blue bonds, gender bonds, etc.) since these types of instruments are reviewed under the same stringent EU regulatory framework but require an efficient and agile listing process. 

Dechert: In 2021, Euronext helped issuers raise €703,040 million in ESG bonds, a larger amount than that seen on the Luxembourg and London Stock Exchanges. What do you think differentiates Euronext’s ESG Bonds Platform from the other listing venues?

Maurizio Pastore: Euronext Dublin is catching up to the Luxembourg Stock Exchange in terms of green bond issuances and it was the first exchange to list sustainability-linked bonds (even before the ICMA guidance was published in 2019). Euronext Paris also has a strong leading focus on ESG investments. 

A listing of existing ESG bonds is displayed on our Euronext ESG Bonds Platform free of charge, providing issuers with greater visibility at no extra cost. Documents and information about the ESG nature of the bond, including second party opinions, credentials reports and ESG frameworks, are provided by the issuers and are uploaded in a repository on the platform for public access. We now have a dedicated “ESG Champion” who is an expert on all things ESG and focuses on development and supports issuers in their journey to list their ESG bonds with Euronext. We hope that this resource will help international issuers access the debt capital markets with confidence and an ESG purpose. We also plan on including a dedicated section within our website to promote ESG bond issuers who have committed to the Paris Agreement objective and the 1.5-degree target.

Recently Euronext produced one of the first ESG Bonds Barometer publications, which reports on public trends, regulatory changes and interviews with relevant entities every quarter. The report aims to increase visibility of the considerations and issues surrounding ESG bond issuances. 

Dechert: In February this year, as part of its “Growth for Impact 2024” strategy, Euronext became a founding member of Sustainable Trading, a non-profit membership network aiming to transform ESG practices within the financial markets. Please could you describe the aims behind this strategy and the impact Euronext Dublin expects this to have on brokers and trading members in the future?

Maurizio Pastore: Getting involved with the Sustainable Trading initiative from the start has been a strategic decision for Euronext. As a board member of this initiative, Euronext will be working in collaboration with the entire industry to drive positive ESG change by developing best practices, benchmarking and transparency, with a focus on how the financial trading industry builds, maintains, and operates trading infrastructure.

Euronext Federal Model

Dechert: Euronext Dublin is part of Euronext’s wider federal model, including Euronext Amsterdam, Euronext Paris, Euronext Brussels, Oslo Bors and Borsa Italiana. What are the advantages to this model?

Maurizio Pastore: The federal model has allowed Euronext to leverage the different areas of expertise brought by the various jurisdictions and markets it operates in. The federal model represents the European ambition for different countries with diverse cultures that work together without being limited by geographic boundaries. We are uniquely positioned to support issuers and investors accessing our markets, providing unparallel domestic knowledge in each jurisdiction and global distribution with Euronext Dublin. 

Dechert: What benefits does this federal model provide to Euronext Dublin and, more importantly, issuers that choose to list on Euronext Dublin?

Maurizio Pastore: An example of the benefits brought by the federal model is the recent integration of Borsa Italiana, which has brought increased market reach, technical expertise with regards to secondary trading and additional product types. The different market strengths of Italy, with its strong retail market, and that of the UK and Ireland, which is predominantly wholesale, allows the team to provide bilateral assistance in the areas of our respective expertise. With this unique local/global dimension, Euronext is consolidating a leadership position in the listing of ESG bonds and can offer a complete value proposition to debt issuers.

Dechert: How has Euronext Dublin’s operations and product offering changed since it became part of the Euronext group in 2018?

Maurizio Pastore: Prior to joining the group, the Irish Stock Exchange had already established a reputation as one of the leading markets for bond listings. This was very positive, but the market was also limited in terms of its product offering and scale. On becoming part of the Euronext family and rebranding as “Euronext Dublin”, it has grown in terms of market penetration, product diversity, influence and scale. 

We are now operating in an enhanced exchange environment with multiple business lines, which is enriching our innovative thinking and opening cross-selling opportunities. Euronext is the undisputed world leader in debt listing, with potential for a vertical and integrated fixed income offering (primary listing, secondary trading and post-trade solutions). The transformation that we all face in terms of ESG conversion or technology disruption would have been too big to tackle alone, however, within Euronext these changes are exciting challenges which we look forward to facing together. 

Dechert’s International Capital Markets Team would like to thank Maurizio Pastore and the team at Euronext Dublin for their contributions to this piece.

  • In the first issue of Dechert’s International Capital Markets Team’s “In Conversation With...” series, associates Amy Rees and Nick Quarrie sit down with Shrey Kohli, Director of Fixed Income and Funds at the London Stock Exchange Group (LSEG), to discuss key trends in the debt capital markets in 2021 and 2020, as well as expected drivers for growth and change going forward.

    In this issue, we discuss:

    Recent Market Trends

    Dechert: The past couple of years have seen a number of momentous shifts at both a national and an international level, some anticipated, others unforeseen. Brexit, COVID-19, climate change – these and other factors all have an impact on global markets in several different ways. What trends has the LSE noticed in particular over the past year or two?

    Shrey Kohli: The London Stock Exchange ("LSE") saw a large and immediate response to the COVID-19 pandemic in debt capital markets in 2020. London-listed debt issuances raised almost US$ 1 trillion, a significant amount of which was raised by governments directing proceeds to both mitigate the impact of the pandemic and to raise funds for medical research and the infrastructure required for sustainable economic development. Social bonds, such as those issued by the International Finance Corporation and the African Development Bank, opened up the market again in March 2020 following a difficult pricing environment. This was the first time the market understood that use of proceeds for social bonds could be used not just for access to water, healthcare or sanitation, but also for the medical infrastructure eventually needed for COVID-19 vaccines and the rollout of the vaccine over the last two years.

    Over the last two years we’ve witnessed the power of capital markets to channel capital to areas that need it. In 2021, the LSE continued to see strong issuance levels with more than US$700 billion raised, with generally a good level of risk appetite. Green and social bonds are no longer niche products and are increasingly considered business as usual for issuers across the globe.

    Dechert: And what about the impact of Brexit?

    Shrey Kohli: With Brexit, we’ve seen the wholesale markets continue to work well. Additionally, bonds listed on the LSE maintain European Central Bank collateral eligibility, subject to the bonds meeting other eligibility criteria. There is also a large amount of work ongoing in relation to the UK listings review, launched by the Treasury to strengthen the UK’s position as a leading global financial centre.

    Wholesale debt capital markets are largely global, and we’ve seen instances where more than 60 global issuers have switched their bond listings to the LSE. Such switches are due to our investments and innovations in our markets, which have made them simple to access, customer centric and both time and cost efficient, as well as offering a joined-up approach for our issuers. The London Stock Exchange Group now operates as a broad financial market infrastructure group. We offer services to issuers at multiple levels, from offering vast amounts of data to our clients, whether market information or ESG data, and to offering a platform for issuers to live-streamed investor events. This changes the proposition of what ongoing value a listing venue offers to an issuer.

    The Expansion of the Sovereign Prospectus Exeption

    Dechert: In respect of post-Brexit rule changes, a key change that a number of our sovereign clients have benefitted from is that, since 1 January 2021, sovereigns, local and regional authorities and central banks of any country are now exempt from the requirement to produce an FCA-approved prospectus to offer debt securities to the public or to admit such securities to trading on the UK’s regulated markets, such as the LSE’s main market. We understand that this change was designed to offer such issuers a faster and less burdensome route to the international capital markets. Have you found use of the exemption to be as popular as expected?

    Shrey Kohli: Dechert was one of the first to advise issuers that used the UK sovereign exemption in the UK Prospectus Regulation. That was a change we worked on with the FCA to deliver at the point of Brexit. If it weren’t for the co-operative relationship between the FCA, the LSE and the advisory community, it wouldn’t have been as seamless when the first few transactions came to the market. Beyond that, those transactions were able to use the profile that the LSE offers to raise the visibility of such milestone transactions.

    As with any new rule, there is a period of time during which the market adapts to new processes involved. The exemption is framed broadly, which allows many issuers, whether sovereign, municipal, agency, a public international body with at least one country as a member, or an issuer guaranteed by any of these, to be able to seek eligibility as an exempt issuer. Once the market understood how eligibility would work, we saw a large number of issuers across these categories access the markets. The drafting of the rule has ensured that the widest range of issuers have come to market and the process has worked smoothly as well.

    Dechert: Have many such issuers been tempted to cross to the LSE from other stock exchanges, as a result of the expanded exemption?

    Shrey Kohli: We have seen a number of sovereign listings move to the LSE this year from regions like West Africa, the Middle East, both North and South America, and an increasing number of issuers in East Asia. I think this is due to a combination of two factors:

    (i) the exemption rules and the way they operate; and
    (ii) the LSE’s customer-centric offering.

    An example of this would be that listing agents are optional, which is not the case for other exchanges. Teams are able to pick up the phone to the LSE’s admissions team or the FCA’s early engagement team to clarify the process and to ensure there is a relatively smooth path to execution.

    Sukuk Trends

    Dechert: The Sukuk market has risen in prominence over the last decade as demand for Islamic financial products and services has increased globally, with global outstanding sukuk reaching US$754.1 billion in the second quarter of 2021 (a 5% increase from the first quarter of 2021). More than US$50 billion of that has been raised from Sukuk listed on the LSE. What has the LSE been doing in recent years to establish itself as a key venue for Sukuk listings?

    Shrey Kohli: The UK has always been the leading western centre for Islamic finance, both in terms of the number of financial institutions that enable corporate or individual investors to access products in line with shari’a principles, and the asset management community looking to invest in assets in a shari’a-compliant manner. The LSE has become the largest international venue for capital raising for debt and Sukuk issuers from the Islamic world, especially the Middle East.

    Dechert: And the LSE was selected as the listing venue of choice by the UK government for its £500 million trust certificates due 2026 by HM Treasury UK Sovereign Sukuk Plc in March 2021.

    Shrey Kohli: Yes, the UK government cemented the LSE’s leading position by listing its second sovereign Sukuk on the LSE. Large corporates such as Saudi Aramco have also diversified their debt issuance programmes by issuing in conventional form and Sukuk on the LSE.

    Sovereigns from across the world, such as Saudi Arabia, have conventional bond programmes and Sukuk programmes listed on the LSE. Other sovereigns are exploring adding Sukuk financing as it is a good way to align the way capital is raised with the faith and values of the country.

    Dechert: What trends do you see for the Sukuk market?

    Shrey Kohli: At COP26, the LSE launched a high-level working group on green Sukuks with the UK government, the Republic of Indonesia and the Islamic Development Bank in a bid to bring together teams to develop the Sukuk market and the green bond market. Green Sukuk this year have accounted for US$8 billion of a US$180 billion market, which is a small proportion compared to its potential.

    Dechert: How does the LSE differentiate itself from other listing venues for Sukuk?

    Shrey Kohli: Within the LSE’s exchange-regulated International Securities Market (ISM) rulebook, there are hard-wired debt derogations relating to issuers of asset-backed and asset-based securities, which generally apply to Sukuk issuances. There is also an ongoing discussion around whether the prospectus exemption we just discussed will be extended to apply to sovereign Sukuk issuers, which would make it more efficient for Sukuk issuers to come to the market. We are also able to help issuers in other ways, such as raising the visibility of new transactions, as well as providing tools like “SparkLive” to transmit the issuer’s message to a wider set of investors across the world.

    Issuers get exposure to the widest peer group when listed on the LSE. The LSE continues to be one of the most international exchanges globally, and when you look at the diversification of bond issuers listed on the LSE, you generally get a book that is balanced across the world. FTSE Russell and Refinitiv, both LSEG businesses, also provide a significant amount of thought leadership and market intelligence on Sukuks and the development of the Sukuk market. FTSE Russell enabled the development of shari’a-compliant indices, which are used by investors across the world.

    Trends Seen in the International Securities Market

    Dechert: Since its launch in 2017, the International Securities Market (which operates alongside the LSE’s other markets as a direct competitor to the European exchange-regulated markets) has seen bond issuers from across different continents and industry sectors, as well as a number of market firsts in terms of currencies and ESG-related bond issuances. What trends have you seen (and what trends do you expect to see in the short term) in relation to issuers that choose to list their securities on the ISM?

    Shrey Kohli: 2021 has been the ISM’s most successful year in terms of the number of listings. We have seen more issuers use the simplified disclosure route, which allows for shorter admission documentation where there is a listing on another suitable exchange, including the LSE’s own markets for equity such as the Main Market and AIM.

    More structured products issuers use the ISM because the submission process is a lot more straightforward than other exchanges. We have hard-wired derogations in the ISM rulebook, incorporation by reference for future financial information and MAR1-related announcements and promote early consultations with the regulatory team. All of that makes the ISM a market that is easily accessible.

    We expect the listing process to be further simplified in 2022 following the UK Listing Review and once we consult on future changes to the ISM rulebook.

    The Success of the Sustainable Bond Market

    Dechert: Since the LSE became the first exchange to provide dedicated “green bond” recognition in 2015, the demand for sustainable financing and investing has grown and so has the number of instruments listed on the LSE’s Sustainable Bond Market, or SBM. Many of the bonds listed on the SBM are “world firsts” in terms of currency, geography or structure. In 2020, the Arab Republic of Egypt, a Dechert client, chose to list its debut green bond on the SBM, as well as the Main Market. How successful has the SBM been in helping to promote visibility of sustainable debt finance instruments?

    Shrey Kohli: In 2015, the LSE became the first exchange to set up dedicated segments for green bonds in response to the development of the green bond principles under the stewardship of the International Capital Markets Association. That developed into the Sustainable Bond Market, which launched in October 2019 and brought together segments for social bonds and sustainability bonds linked to newer or newly established principles. The SBM enables issuers across the world to raise capital for green, social, sustainability and sustainability-linked purposes. In 2021, LSE also launched a world-first transition bond segment on its SBM, There are over 340 active bonds raising a total of US$142 billion on the SBM – with over 100 of these bonds issued in 2021. Investors with assets worth US$100 trillion have signed up to the UN principles for responsible investments, which needs to be channelled into sustainable activity.

    The LSE has done a lot of work in this space, centering around four key themes:

    1. developing the LSE’s “green economy mark” for London-listed equity issuers with more than 50% of their revenues being generated from green sectors, within a green taxonomy;
    2. supporting better data and disclosure within sustainable finance through the launch of our model guidance in line with the work of the TCFD-Task Force on Climate-Related Financial Disclosures. Investors make better investment decisions when based on better data, which is created with better disclosure;
    3. supporting the transition to a low carbon economy with tools available to issuers, including the transition bonds segment, climate transition guidance and governance courses available for issuers; and
    4. convening the market by bringing together issuers who need the capital and investors who can allocate it at events such as our annual Debt Capital Markets Forum, which has had a sustainability theme for a number of years.

    Dechert: It seems ESG considerations are becoming increasingly important; how does the LSE think this will affect markets in the longer term?

    Shrey Kohli: We see ESG investing increasingly becoming “business as usual” across jurisdictions. This has been the case in Europe for a number of years, but we are now seeing a steady increase across the United States and Latin America. A significant amount of capital is being allocated to sustainability-linked loans in the banking market and, with over US$7 trillion required per annum to meet the goals of the Paris agreement, sustainable finance will continue to account for greater proportion of global debt capital markets and will be a theme that continues into the future.

    The Development of the LSE's Dedicated Issuer Services Initiative

    Dechert: The LSE has sought to offer additional value to issuers on its markets with its dedicated Issuer Services initiative. What level of engagement have you seen from issuers?

    Shrey Kohli: A few years ago, we made significant investments in our digital infrastructure so that we could offer more to the LSE’s listed clients. By way of example, as of 2021, every LSE-listed client has access to ESG data and scores provided by Refinitiv, one of the most comprehensive databases covering over 10,000 companies across 76 countries. The client can log on to the issuer services portal and access the tool to compare itself to its peers using the ESG data. Issuers are using this valuable data in a few different ways.

    We have also enabled issuers to upload their own bond documentation on the LSE website free of charge and in a manner that allows issuers to meet relevant regulatory requirements, whether that be under the UK prospectus regulation or the ISM rulebook.

    Dechert: How might the LSE and issuers’ professional advisers assist issuers better when coming to market and subsequently as a listed company?

    Shrey Kohli: We partner with over 40 different service providers in the Issuer Services marketplace, who offer services from investor relations and corporate advisory to ESG information to our listed clients. The LSE also has tools like “SparkLive”, which can be used by any company to engage with the market. For example, a company may be advising on a syndicated loan offering and the client may be setting up a meeting with its advisors and lenders that requires a private live-stream; or a company may wish to set-up a pre-recorded presentation and a live global investor call with the ability for participates to ask live written or verbal questions – this can be done on SparkLive.

    The Issuer Services portal is also our genesis for digital innovation and, in partnership with Nivaura, a fintech firm, we are developing tools such as LSEG Flow. This tool is designed to help issuers negotiate term sheets and pricing supplements in a more automated manner, with agreed economics of a transaction populated through all documents and without the need to be manually copied, thereby reducing the risk of human error. This is a first of its kind product to be offered by an exchange. The idea is that a more streamlined process would allow companies such as law firms to focus on providing advice and reduce time spend on drafting documentation. The LSE’s aim with this and other product development is to work in partnership with the market by using technology to make things more efficient and streamlined rather than to change the nature of the roles in the market.

    The Launch of Spark Live

    Dechert: Coming back to SparkLive, the LSE launched this online platform in 2020 with the aim of assisting issuers in presenting their story to the investor community. What services does SparkLive provide? What has demand for SparkLive been like since it launched, and how has this product been welcomed by Issuers and market participants?

    Shrey Kohli: SparkLive sits within Issuer Services, and any client issuing on the LSE can use the service for at least one event without any additional fee. SparkLive has supported over 200 events from issuers across the world, whether they be bond roadshows, investor days or capital markets days, and this has allowed issuers to communicate with investors at a time when travel has been significantly limited.

    Refinitiv’s services also allow us to provide clients with easily consumable data alongside an event on SparkLive in a GDPR-compliant manner. We want the LSE to be at the forefront of innovation within capital markets.

    Dechert’s International Capital Markets Team would like to thank Shrey Kohli and the team at the London Stock Exchange for their contributions to this piece.

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