The London Stock Exchange welcomes Provident Financial plc’s third bond to the Order book for Retail Bonds
The London Stock Exchange today welcomed the latest new bond listing to its Order book for Retail Bonds. Provident Financial plc, the UK’s leading supplier of personal credit products to the non-standard lending market, has today listed its third retail bond to date on the London Stock Exchange’s Order book for Retail Bonds. The five and a half year, fixed-rate bond is tradable in denominations of £100 and will pay a semi-annual coupon of seven per cent per annum.
Investec Bank and Barclays Bank were joint lead managers for the issue, which was over subscribed raising £120m. The retail bond is the largest to date for Provident Financial and brings the total raised by the company on ORB to £195.2 million.
Pietro Poletto, Head of Fixed Income Markets at London Stock Exchange Group, said:
“We are delighted that Provident Financial has chosen to list its third retail bond on ORB. The placing builds on the success of their two previous issues and is their largest to date, raising £120 million. ORB is now in its third full year of trading and continues to attract a number of high calibre issues from a range of companies across varying business sectors”.
Andrew Fisher, Finance Director of Provident Financial plc, said:
“We are very pleased to announce the success of our third issue of bonds to be listed on the London Stock Exchange’s ORB platform. The continued development of the retail bond market has provided an important strand for our programme to diversify our funding and we are delighted by the response to this latest issue. The bond exceeded expectations drawing support from a wide range of brokers and their retail customers”.
Toby Croasdell, Director, Barclays Bank, said:
"We are delighted by the overwhelming demand received for Provident Financial’s third retail bond. The ease with which they achieved such a large issuance size further demonstrates the strong appetite from retail investors. We very much look forward to continuing to work with borrowers and distributors in order to further develop this market."
Eden Richie, Head of Debt Capital Markets, Investec Bank, said:
“Investec is delighted to have lead-managed this extremely successful transaction for Provident Financial. Not only did the deal comfortably exceed expectations in terms of investor demand, it is the company’s third and largest foray into the growing retail bond market. It also represents the first deal since the successful integration of the Evolution retail bond franchise into Investec”