Maurizio Pastore
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Transcript of Maurizio Pastore
Maurizio Pastore – Vice President, International Primary Markets
The Irish Stock Exchange
Listing opportunities for Mexican Issuers
The Irish Stock Exchange
• One of the oldest Exchanges in the world - Est. 1793
• Independent and well capitalised
• ISEQ Overall Index 2013 Performance +33.6% (10.04% YTD)
• Specialised in listing fixed income securities and international
investment funds
3,500 Issuers from 75 Jurisdictions
Listing Investment Funds
• 2,353 funds and sub-funds listed
• 82 ETFs
• 7,111 securities listed in total
• Funds from over 15 domiciles
Why list?
Satisfy Investor Requirements
Increased Visibility & Transparency
NAV and Announcement Publication
Tax Advantages
Third Party Oversight
Managers with ISE listed funds
Approved Prospectuses
So what has changed since the crisis… • In 2007 - 85% of ISE Debt Business based on Structured MTN &
ABS
• In 2013 – less than 50% of ISE Debt listing is now structured
finance
• ISE Revenue 2013: ABS 48% - Derivative 17% - ECP 17% -
Plain Vanilla 16% -Covered Bonds 2%.
• New debt issuers accessing the market in March 2014: Ireland
38 deals (58%), Luxembourg 26 (36%), London 4 (6%)
Why list debt securities
Access to European Capital Markets
Withholding Tax Exemptions
Investor Requirements
ECB Eligibility Criteria
Badge of Integrity
Why list Debt Securities on the ISE?
Certainty of Timing
Seamless Listing Process
Competitive Fee Structure
Flexibility & Experience
Customer Relationship Management
Opportunities for Mexican entities
• Gateway to institutional European investors
• Tax advantages
• Most competitive pricing in the EU
• Enhance international trading
• Improves international visibility
Mexican Issuers listed on the ISEMore than 60 Mexican deals listed since 2008 – few examples:
•CEMEX S.A.B. DE C.V.•GRUPO BIMBO, S.A.B. DE C.V.•PEMEX GDN CITIBANK, N.A. AS DEPOSITARY BANK•BBVA BANCOMER, S.A.•COCA-COLA FEMSA, S.A.B. DE C.V. •ALPEK, S.A.B. DE C.V.•FOMENTO ECONOMICO MEXICANO, S.A.B. DE C.V.•GRUPO FAMSA, S.A.B. DE C.V.•GRUPO CEMENTOS DE CHIHUAHUA S.A.B. DE C.V.•MEXICO GENERADORA DE ENERGIA, S. DE R.L•GRUPO ELEKTRA SAB DE C.V.•KANSAS CITY SOUTHERN DE MÉXICO, S.A. DE C.V.•TV AZTECA, S.A.B. DE C.V.•COBRE DEL MAYO, S.A. DE C.V.
Global Exchange Market (GEM)
Exchange Regulated Market
GEM specific rules derived from EU legislation
The ISE is responsible for the approval of the Listing Particulars
Currently 40% of issuers list on GEM
ECB acceptable Exchange Regulated Market
Tailored Solutions
LatAm a strategic region for the ISE
• More than 100 one to one meetings organised in Mexico City,
Sao Paulo, Lima, Buenos Aires over the last 3 years
• 5 LatAm capital markets conferences covered with more than
100 direct contacts made with domestic law firms, corporates,
financial institutions, service providers, accountants
LatAm deals listed on the ISE 2011 2012 2013
Brazil 12 21 24Mexico 10 10 27Peru 0 1 6Puerto Rico 0 0 1Chile 0 0 3Panama 0 1 2
Para concludir
Irlanda es un mercato abierto, flexible y competitivo
Estamos aqui para asistiros
Podeis confiar en nosotros
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