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October 2016 - 1
3,000+ issuers 72 Sovereigns 12 Supranationals
40,000 listings 67% Bonds 18% Funds 14% Warrants 1% Shares/GDRs
100 countries
55 currencies
6 trillion EUR total issued amount
Luxembourg Stock Exchange
Geographical reach
10,991 new listed securities in 2015
Geographical distribution of issuers
October 2016 - 2
Luxembourg Stock Exchange
Continuous innovation
1983
1st MBS
listing in Europe (Freddie Mac)
2011
1st Dim Sum Bond
listing in Europe (Volkswagen)
1962
1st Investment Fund listing at LuxSE (Finance-Union)
1996
1st Chinese Sovereign Bond
listing at LuxSE (PRoC)
2014
1st Schengen Bond
listing (Bank of China)
1986
1st Chinese
listing at LuxSE (Bank of China)
2007
1st Green bond
listing in Europe (EIB)
1963
1st Eurobond
listing (Autostrade)
1953
1st Bond
listing in USD (World Bank)
2016
1st Chinese Green bond
listing in Europe (Bank of China)
October 2016 - 3
“Listing in Luxembourg”: A unique full service process not matched by any other security exchange
”Listed in Luxembourg”: automatically implies ”admission to Trading”
Luxembourg Stock Exchange Issuers
October 2016 - 4 *Luxembourg Regulator
Luxembourg Stock Exchange
A choice of 2 markets
Largest MTF in the EU 10,000 listings Approval by LuxSE
Fast-track process Fast growing market since 2005
Euro MTF Exchange Regulated Market
European passport 30,000 listings Approval by CSSF* Long history since 1929 IFRS or equivalent
Bourse de Luxembourg EU Regulated Market
Listings by market Oct. 2016
28%
72%
October 2016 - 5
Luxembourg Stock Exchange
RMB business (1/3)
Stock & flow of Dim Sum bonds listed on LuxSE
Source : LuxSE
Dim Sum bonds listed outside Asia
Source : Bloomberg, LuxSE & LSE
36%
35%
16%
13%
Luxembourg London Dublin Others
9
27
40
46
59
90
9
22 18
23
31
43
0
10
20
30
40
50
60
70
80
90
100
2011 2012 2013 2014 2015 09.2016
Stock of RMB denominated bonds at LuxSE
Annual new listings at LuxSE
October 2016 - 6
Critical mass of RMB denominated bond listings: 145 Dim Sum bonds listed since 2011 raising a total amount of CNY 68.4 bn
LuxSE the international venue for raising capital in RMB: 42 issuers from 23 different jurisdictions
Luxembourg Stock Exchange
RMB business (2/3)
October 2016 - 7
Cooperation agreement with exchanges from greater China:
MoU with major Chinese banks:
Pending MoU:
Luxembourg Stock Exchange
RMB business (3/3)
October 2016 - 8
Luxembourg Stock Exchange
High Yield bonds
Leading European exchange for High Yield bonds Market share of 50% for European High Yield bonds
1st exchange in Europe to offer a solution to list High Yield Bonds in 2006
One of the most traded types of securities on LuxSE
October 2016 - 9
Luxembourg Stock Exchange
Case study - Company Acquisition – bond issue
M&A structured & set-up in Luxembourg HNA - swissport
October 2016 - 10
Luxembourg Stock Exchange
Luxembourg & China – A strong relation
Examples of Chinese acquisitions in Europe through Luxembourg
October 2016 - 11
Listing 3,500+ ABS on LuxSE 650+ international issuers from 37 jurisdictions
Large range of securitization products, e.g.: Mortgage-Backed securities Auto/Student/Consumer loans & leases Credit cards & trade receivables CDO (Collateralized Debt Obligation) Others (Champagne stocks, royalties…)
Possibility to list Securitisation Vehicles (SVs) from Luxembourg of from other jurisdictions On one of LuxSE’s markets: LuxSE market or Euro MTF market
Stand-alone issues & ABS programmes for frequently issuers
Luxembourg Stock Exchange
Securitization on LuxSE (1/2)
October 2016 - 12
Luxembourg Stock Exchange
Securitization on LuxSE (2/2)
… also a solution for Chinese issuers
Auto loans & leases Aircraft leases Student loans
MBS, credit cards & leasing receivables
October 2016 - 13
Luxembourg Stock Exchange
Our vision
Unlocking Green Capital
October 2016 - 14
Luxembourg Stock Exchange
LGX video
October 2016 - 15
Luxembourg Stock Exchange
Internationally recognised standards
Alignment to the highest international standards: Project eligibility, selection, monitoring, reporting
October 2016 - 16
Luxembourg Stock Exchange
Internationally recognised standards
An application process following listing based on criteria aligned to the highest best practices for disclosure
Listing on a LuxSE market
Ex-ante review
Commitment to Ex-post reporting
Display on LGX platform
1 2 3 4
October 2016 - 17
Luxembourg Stock Exchange
World leader in the listing of green bonds
First ever Green Bond issued and listed in 2007 (issuer: EIB)
Out of the 114 Green Bonds listed on LuxSE, 105 worth USD 52.4 bn are displayed on LGX
25 issuers including all of the major issuers across the different segments
October 2016 - 18
Main takeaways
Solutions for international…
I. Issuers Visibility - Promotion Access to international investors Competitive pricing
II. Asset Managers Supporting the launch & distribution of funds
Listing on Euro MTF market Fundsquare platform
IV. Investors
High transparency Easy access to information Increased comfort
III. Law firms, listing agents & banks
Efficient & predictable listing process One-stop-shop for regulatory reporting
Pre-listing advisory services
www.bourse.lu
luxembourg stock exchange
@LuxembourgSE
ROBERT SCHARFE CEO [email protected]
JULIE BECKER Member of the Executive Committee [email protected]
Contact & links
