Sustainable
Europe’s most comprehensive sustainable market segment, enabling the flow of capital into investments that promote environmental, social or sustainable activities.
TISE Sustainable has been established to provide a comprehensive and reputable market segment which enables the flow of capital into investments that promote environmental, social or sustainable activities.
With a straightforward application process and no additional fee, the segment is available to all TISE-listed issuers and securities which demonstrate their qualifying credentials, including those with a credible transition plan.
As such, TISE Sustainable caters for a wide range of products, including:
Green bonds
Social bonds
Sustainable bonds
Sustainability-linked bonds
Humanitarian catastrophe bonds
Transition bonds/issuers
Green funds
Natural capital funds
ESG-rated companies
TISE is a Partner Exchange of the United Nations’ Sustainable Stock Exchanges (SSE) initiative and is committed to being part of the sustainable capital markets ecosystem, both in terms of how we manage our business and through our role as a facilitator of global capital flows.
More than £50 billion listed on our market supporting environmental, social and sustainable initiatives.
Advantages
Connectivity
Helping to connect issuers and investors to facilitate the flow of sustainable capital
Transparency
Publicly available sustainability reporting and comprehensive information disclosure
Credibility
All issuers/securities independently assessed against internationally recognised sustainable finance standards
Visibility
Inclusion on the dedicated TISE Sustainable segment and use of TISE Sustainable logos to promote the issuer’s commitment to sustainable finance
Qualifying Credentials
Part A – Environmental, Social and Sustainable
TISE Sustainable is available to all TISE-listed issuers who are able to demonstrate compliance with at least one of the following frameworks or ratings.
Frameworks
Either (i) the issuer’s business, or that of its wider group; or (ii) the use of the proceeds raised by the issuance of a security; has been verified as having an environmental, social or sustainable purpose by an independent party against a recognised framework.
Framework | Minimum Qualifying Credentials | Information |
|---|---|---|
BREEAM | Certification | |
Climate Bonds Initiative: Climate-Aligned Issuers | Fully Aligned or Strongly Aligned | |
Climate Bonds Initiative: Climate Bonds | Certification | |
EU Green Bond Standard | Certification | |
Green Seal Certification | Certification | |
Guernsey Green Fund | Route 1 or Route 2 | |
Guernsey Natural Capital Fund | Certification | |
ICMA Green Bond Principles* | Certification | |
ICMA Social Bond Principles | Certification | |
ICMA Sustainability Bond Guidelines | Certification | |
ICMA Sustainability-Linked Bond Principles | Certification | |
SDR Investment Labels | Labelled | |
The Carbon Trust Standard | Certification |
*Incorporating those aligned with ICMA’s related thematic guidance for Blue Bonds & Nature Bonds
Ratings
The issuer’s business, or that of its wider group, has been positively rated by an independent party.
Rating Agency | Minimum Qualifying Credentials | Information |
|---|---|---|
GRESB | 4* or 5* | |
ISS ESG Corporate Rating | Prime | |
MSCI ESG Rating | AAA to AA | |
Refinitiv ESG Score | A+ to B - | |
Sustainalytics ESG Risk Rating | Negligible or Low Risk |
Part B – Transition
Either (i) the issuer’s business, or that of its wider group; or (ii) the use of proceeds raised by the issuance of a security; has been verified by an independent party against a recognised transition framework.
Framework | Information |
|---|---|
Climate Bonds Initiative: Financing Credible Transitions White Paper | |
ICMA Climate Transition Finance Handbook | |
Transition Pathway Initiative |
In addition to the frameworks and ratings outlined above, TISE will consider other frameworks and ratings which demonstrate the issuer’s (or security’s) environmental, social, sustainable or transitional credentials.
How to apply
An application for admission to the TISE Sustainable market segment can be made at the same time as an application to list, however, approval of the admission to TISE Sustainable will only take place once admission to TISE’s Official List has been granted.
Submission
The issuer submits a completed TISE Sustainable Application Form together with supporting documentation. All independent verification reports or rating assessments must be current and valid. Transition applications can be made on a standalone basis or in conjunction with an accompanying application for admission to the segment by virtue of holding other relevant qualifying credentials.
Review
TISE will review the application and request any additional information required.
Admission
If the qualification credentials have been met, the issuer/security will be added to the TISE Sustainable market segment and displayed on TISE’s website.
Visibility
The issuer will be sent a suite of TISE Sustainable logos which can be used by the issuer on its own marketing and branding materials (in accordance with the terms and conditions and brand guidance).
Ongoing requirements
The issuer must ensure that its rating and sustainability reporting are published online. Where periodic reviews are required, the most recent verification report or rating assessment must be made available.
The issuer must inform TISE, without delay, of any changes to the details or status of their TISE Sustainable qualifying credentials (for example, change of independent verifier, framework, status or rating attained).
If the issuer or security ceases to demonstrate their qualifying credentials, the issuer must contact TISE to establish whether the matter can be remediated or if their qualifying credentials can be demonstrated in another way.
TISE may, at its discretion, allow issuers or securities on the TISE Sustainable market segment to remain on the segment for an agreed period (of up to 12 weeks), should the issuer or security temporarily fail to demonstrate their qualifying credentials.
If the matter cannot be remediated and TISE considers that the qualifying credentials are not demonstrated, the issuer or security will be removed from TISE Sustainable with immediate effect.
TISE retains sole discretion over the addition, continuance and removal of issuers and securities from TISE Sustainable.
TISE Sustainable Market Data
Securities
A list of securities admitted to TISE Sustainable.
Issuer | ISIN | Listing Date | Nominal | Currency | Credentials |
XS2326533614 / XS2326493728 | 01-04-2021 | 500,000,000 | EUR | ICMA Green Bond Principles | |
XS2327414814 / XS2327414731 | 30-07-2021 | 300,000,000 | GBP | ICMA Green Bond Principles | |
XS2327414228 / XS2327414061 | 30-07-2021 | 300,000,000 | EUR | ICMA Green Bond Principles | |
US92858RAB69 / USG9444PAD45 | 26-08-2021 | 1,400,000,000 | USD | ICMA Green Bond Principles | |
XS2358483332 / XS2358483258 | 26-08-2021 | 675,000,000 | GBP | ICMA Green Bond Principles | |
XS2384582263 | 14-09-2021 | 400,000,000 | GBP | ICMA Sustainability Bond Guidelines | |
XS2436885409 / XS2436885664 | 24-03-2022 | 475,000,000 | GBP | ICMA Green Bond Principles LMA Green Loan Principles | |
XS2797211872 / XS2796600307 | 25-04-2024 | 600,000,000 | EUR | ICMA Green Bond Principles | |
XS2914769372 / XS2914769299 | 24-10-2024 | 575,000,000 | EUR | ICMA Green Bond Principles | |
XS2988573080 / XS2988562554 | 27-02-2025 | 500,000,000 | EUR | ICMA Green Bond Principles | |
US21220LAB99 / USL1963LAM56 | 27-02-2025 | 510,000,000 | USD | ICMA Green Bond Principles |
Issuers
A list of Issuers admitted to TISE Sustainable.
Issuer | Segment Admission Date | Credentials |
19-05-2021 | ICMA Sustainability-Linked Bond Principles | |
27-08-2021 | Sustainalytics ESG Risk Rating | |
04-03-2022 | ICMA Green Bond Principles ICMA Sustainability-Linked Bond Principles LMA Green Loan Principles LMA Sustainability Linked Loan Principles | |
22-08-2022 | Guernsey Green Fund | |
14-02-2023 | ICMA Sustainability-Linked Bond Principles LMA Sustainability Linked Loan Principles | |
13-11-2023 | ESG Risk Rating | |
19-07-2024 | ICMA Sustainability-Linked Bond Principles | |
24-10-2024 | Sustainalytics ESG Risk Rating | |
27-02-2025 | ESG Risk Rating | |
05-03-2026 | Sustainalytics ESG Risk Rating | |
12-03-2026 | ICMA Green Bond Principles ICMA Pre-Issuance Check List for Green Bonds ICMA Social Bond Principles ICMA Pre-Issuance Check List for Social Bonds LMA/APLMA/LSTA Green Loan Principles LMA/APLAM/LSTA Social Loan Principles |
Frequently Asked Questions
Do I have to choose between admission to TISE’s Official List and to TISE Sustainable?
No, all securities approved for listing are admitted to our Official List, which is a prerequisite for any issuer or their security to be admitted to TISE Sustainable.
Read MoreLessHow does an issuer or security qualify for TISE Sustainable?
An issuer or security can qualify for TISE Sustainable in the following ways:
Part A – Environmental, Social and Sustainable
Framework - Either (i) the issuer’s business, or that of its wider group; or (ii) the use of the proceeds raised by the issuance of a security; has been verified as having an environmental, social or sustainable purpose by an independent party against a recognised framework.
Rating - The issuer’s business, or that of its wider group, has been positively rated by an independent party.
Part B – Transition
Transition – Either (i) the issuer’s business, or that of its wider group; or (ii) the use of proceeds raised by the issuance of a security; has been verified by an independent party against a recognised transition framework.
A list of acceptable frameworks and ratings is available here. In addition, we will consider other frameworks and ratings which evidence an issuer’s or security’s environmental, social, or sustainable or transitional credentials – please contact us to discuss this in more detail.
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Is there any additional cost associated with TISE Sustainable?
No, we do not levy any additional fees for an issuer or security to be admitted to, or have an ongoing presence on, TISE Sustainable.
Read MoreLessWhat is involved in applying for TISE Sustainable?
All we require is the submission of a short application form. The form is available here and it can be submitted via your usual contacts at TISE or by email to sustainable@tisegroup.com. The only additional requirement is the submission of evidence to demonstrate that the issuer or security holds a qualifying credential for admission to TISE Sustainable.
Read MoreLessWhat evidence is required as part of my TISE Sustainable application?
As part of a TISE Sustainable application, we require the evidence to demonstrate that the issuer or security holds a relevant qualifying credential.
In essence, this comprises either submitting a copy of a current and valid independent party report, disclosing where this is publicly available or otherwise directing us to where there is publicly available evidence that the issuer or security holds the qualifying credential.
Copies of reports provided to us are not made publicly available by TISE.
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