Cayman Islands: Irish Listings Update
Article by Ciaran Cotter From Maples and Calder
During the second half of 2016, 191 CLOs (US and European), comprising both new issuances and refinancings, were listed on the Irish Stock Exchange (“ISE“). Of these listings, 164 were by Cayman Islands issuers, accounting for 86% of CLO listings. Of the 25 issuers that had European domiciles, 18 were Irish and seven were Dutch. Maples and Calder’s Dublin office listed 47.5% of all ISElisted CLOs and 53.5% of all Cayman Islands issuers listing on the ISE.
For the year in full, a total of 272 CLOs (US and European) were listed on the ISE. Of these, there were 225 Cayman Islands issuers (82.5%), 30 Irish issuers (11%), 12 Dutch issuers (4.5%) and five Delaware issuers (2%). Maples and Calder’s Dublin office listed 48% of all ISE-listed CLOs and 55.5% of all Cayman Islands issuers listing on the ISE.
Over the year, 86% of CLOs opted to list on the Global Exchange Market (“GEM“) rather than on the Main Securities Market. In the case of Cayman Islands issuers, this increased to 93% opting to list on the GEM. Nearly 60% of the European CLOs sought listings on the Main Securities Market.
IMAGE: Ciaran Cotter
