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News |
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Tesco Bank launches largest fixed rate bond on ORB
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Today Tesco Bank, the personal finance arm of the leading international retail group, listed the largest fixed rate bond on ORB. The bond raised £200 million due to high private investor demand with the book closing 2 days early. The listing brings the total amount raised by the company from bond issues on ORB to £385m, in just 15 months. The eight and a half year bond pays a 5 per cent semi annual coupon and is available to trade in denominations of £100. Barclays Capital and Investec Bank acted as book runners on the deal. |
LSE Group welcomes first RMB-denominated bond to ORB
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London Stock Exchange Group (LSE Group) today welcomes its first Renminbi-denominated bond to the Order book for Retail Bonds (ORB). The HSBC bond, which raised RMB 2 billion (£196 million) at issue, is the first non-Sterling denominated bond open for on-exchange trading by private investors. Available in denominations of RMB 10,000 (£980), and paying an annual coupon of 2.875 per cent, this is the first product in ORB's dedicated segment for international bond issues. To view the welcome story click here |
Provident Financial plc issue third bond on ORB |
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 (ORB). 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. To view the welcome story click here |
Places for People issue second bond on ORB |
Places for People, one of the UK’s largest housing groups, today returned to the London Stock Exchange’s Order Book for Retail Bonds, offering investors a ten year index-linked bond. The bond is tradable in denominations of £1001 and will pay an RPI adjusted semi-annual coupon of one per cent per annum which will be adjusted to take account of the effects of inflation. Evolution Securities Ltd, a wholly owned subsidiary of Investec Bank plc, acted as sole book-runner on the deal. To view the press release click here |
Peel Hunt become a market maker on ORB |
London Stock Exchange today welcomed Peel Hunt to open London’s markets to celebrate the company becoming the latest dedicated market maker to its Order Book for Retail Bonds (ORB). Celebrating the launch, Steven Fine, Managing Partner at Peel Hunt, today opened the market at the London Stock Exchange. Peel Hunt, the independent broking and advisory house will join six existing market makers on the UK’s electronic order book for the trading of retail-sized bonds To view the press release click here |
Intermediate Capital Group plc Launches First Retail Bond on ORB
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The London Stock Exchange today welcomed the latest new bond listing to its Order book for Retail Bonds (ORB). ICG plc, the specialist investment firm and asset manager, has raised £35 million on the market. Evolution Securities acted as book runners on the deal. The launch of the bond shows the diverse range of sectors that ORB is currently supporting. The fixed rate 7-year bond is available in £100 denominations with a minimum initial investment of £2,000. To view the press release click here |
Tesco Bank launches second retail bond on ORB |
The London Stock Exchange today welcomed the latest new bond listing to its Order book for Retail Bonds (ORB). Tesco Bank, the personal finance arm of the leading international retail group, has raised £60 million on the market, direct from private investors. Barclays Capital, Evolution Securities and Lloyds TSB Bank Plc acted as book runners on the deal. Celebrating the launch, Therese Procter, Personnel Director at Tesco Bank, today opened the market at the London Stock Exchange. The 8-year bond is available in £100 denominations with a minimum initial investment of £2,000. This latest offering takes total fundraising on ORB since it was launched in 2010 to over £1.3billion, with 153 bonds now available for trading on the platform. To view the press release click here |
RBS launches sixth retail bond on ORB
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The London Stock Exchange today welcomes a new RBS inflation link bond onto the Order Book for Retail Bonds (ORB). This is the sixth bond to be issued by RBS on to the platform since launch. The Inflation linked bond has maturity of seven years and a 2 per cent fixed coupon with an RPI adjusted principal at maturity. The bond will be issued in £1000 denominations. To view the press release please click here |
National Grid on ORB |
National Grid launched a 10 year RPI linked Sterling bond available to retail investors that will be made available to trade on the Order book for Retail Bonds. The bonds will pay interest semi-annually at a 1.25% annual gross rate of interest adjusted to take account of changes in the level of the Retail Price Index*. On maturity, the amount due to be paid will be the full face value of the bonds adjusted to take account of any overall increase in the RPI. However on maturity, even if the RPI has fallen, National Grid will be required to repay the bonds at no less than their full face value. National Grid is the first company to issue an RPI-linked bond available to retail investors, having traditionally only offered such bonds to major institutional investors. National Grid has a capital investment programme of approximately £22bn for the period from 2010 to 2015 for which it requires funding. The bonds are tradable in denominations of £100. Evolution Securities will act as market maker on ORB. To view the RNS announcement, click here To view the Final Terms, click here To view the Offering Circular, click here To view the Information Booklet, click here |
Barclays Bank PLC become a market maker on ORB |
On 3rd October the London Stock Exchange welcomed the latest dedicated market maker to its Order Book for Retail Bonds (ORB). Barclays Capital, the investment banking division of Barclays Bank PLC will join 5 existing market makers on the UK’s electronic order book for the trading of retail-sized bonds. Barclays Capital has a proven track record in debt capital markets, distribution and fixed income trading. It is currently joint lead manager on the National Grid RPI-linked bond issue, the first RPI-linked bond marketed at retail investors, which last week raised £260m. The recent migration of ORB to the Millennium Exchange platform has provided enhanced flexibility and functionality for trading participants. Following its launch in 2010, ORB, has raised over £1billion, with 150 bonds now available for trading on the platform. To view the press release click here. |
Migration to Millennium Exchange |
On Monday 26th September, ORB migrated onto the Millennium Exchange platform, providing enhanced flexibility and functionality for trading participants. The migration to Millennium Exchange will offer enhanced accessibility to the ORB for brokers and market makers currently connected to the London Stock Exchange’s equity markets. Following its launch in 2010, ORB has raised over £1.25 billion from 13 issues, with 151 bonds now available for trading on the platform. Since the migration, Barclays Bank became the sixth dedicated market maker to join ORB and National Grid has raised a record £260 million issuing an inflation-linked corporate bond. To celebrate the successful migration to Millennium Exchange, key ORB market participants joined Michael Dyson, Head of Fixed Income at lead market maker Evolution Securities along with Peter Hayes, Head of Public Affairs and Gillian Walmsley, Head of Fixed Income at the London Stock Exchange in opening the market. For further details click here. |
Places for People on ORB |
Places for People, one of the UK’s largest housing associations, is the first non financial borrower launching a retail bond on the Order book for Retail Bonds from 27/06/11. With the benefit of a senior unsecured guarantee from the main asset owning business in the group, the issuer, Places for People Capital Markets plc, is offering a bond with a fixed rate of 5% and a maturity of five years and six months. This issue is designed to be eligible for ISAs and SIPPs. The bonds are tradable in denominations of £100, after an initial minimum investment of £2,000. Evolution Securities Limited has been appointed as Lead Manager and Authorised Distributor. To view the Final Terms, click here To view the Offering Circular click here |
New Bonds on ORB |
Three new bonds have been admitted to trading on the Order book for Retail Bonds market in March 2011 consisting of two corporate bonds and one supranational bond. Issuers are Lloyds TSB, Provident Financial plc and the European Investment Bank. A full list of bonds on ORB is available here and for the press release please click here. |
New bond from Provident Financial plc |
A new fixed rate bond by Provident Financial plc will be issued on to the Order book for Retail Bonds at the end of March 2011.This bond has a fixed rate of 7.5% and has a maturity of five years and six months making it eligible for ISAs and SIPPs on launch. Coupon payments are on a semi-annual basis and the bond is tradable on denominations of £100. For further information on this bond please use the following links: Final Terms here. Offering Circular here. Supplement to Offering Circular here. |
New bond from European Investment Bank |
Euro Investment Bank has launched a new fixed rate bond on to the Order book for Retail Bonds on 11 March 2011. This bond has a fixed rate of 3.25% and coupon payment is on an annual basis. It is tradable in denominations of £100 and has a maturity of five years and nine months. |
New Lloyds TSB Bank bond to list on ORB |
A new fixed rate bond issued by Lloyds TSB Bank will list on the Order book for Retail Bonds in March. The primary offer period will run from 8 to 22 March 2011. The new bond has a fixed rate of 5.5% and is tradable in denominations of £100, after an initial minimum investment of £1,000. The bond has a maturity of five years and six months, making it currently eligible for SIPPs and ISAs. Further information on the new bond is available at the following links: Press Release here Preliminary Final Terms here |
New Tesco Bank bond to list on ORB |
Tesco Personal Finance PLC will be issuing a fixed rate bond onto the Order book for Retail Bonds (ORB) in Febuary. The bond will be tradeable in denominations of £100, after an initial minimum investment of £2,000, and will have a coupon of 5.2%. Further information on this important addition to the ORB is available in the following documents:
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New bond on ORB |
A new Royal Bank of Scotland bond has been admitted to the ORB today 17 January 2011. This bond pays an initial interest rate of 3.3% and will increase by 0.25 percentage points each year to a maximum of 8.55% in the final year. Click here to see a complete list of bonds on ORB. |
Private Investors Roadshow 2011 |
The London Stock Exchange is running an exclusive, free educational roadshow specifically for private investors. This is a unique opportunity for investors to interact directly with the London Stock Exchange and issuers of various investment products. The roadshow’s objective is to help investors expand their knowledge base, equipping them with the tools they need to diversify their portfolios beyond traditional equities. 2 March 2011 Edinburgh Private investors who attend can also benefit from two weeks free access to Proquote, the London Stock Exchange’s leading real-time data software, which offers prices, news and analysis on companies and products in over 100 global markets, straight to your PC. To register your place email roadshow@londonstockexchange.com For more information visit our Roadshow webpage here. |
CREST Depository Interests (CDIs) and Stamp Duty Reserve Tax (SDRT) |
A new procedure has been agreed with HMRC concerning CDIs and SDRT. Please see here for the corresponding operational bulletin released by Euroclear UK & Ireland and here for the relevant form for issuers and CREST members. |
New Statistics Factsheet for ORB |
A new monthly factsheet providing details of trading statistics for the ORB is now available on our website. Click here to see statistics for October and here for November. |
New Inflation Multiplier Bond on ORB |
The Royal Bank of Scotland plc has listed its new Inflation Multiplier Bond on the ORB and will be available for trading from 6 December 2010. Further information on this security can be found here. A complete list of bonds trading on ORB can be found here. |
ORB bonds can now be found in the FT Weekend Money supplement |
A selection of bonds on ORB can now be found in the Money supplement of the FT Weekend paper. Readers will find performance indicators such as yield, gross redemption yield and price movement over the week. For further information and a brief overview of what these performance indicators mean, please see our supplement factsheet here. |
New dedicated sector classification for dirty price bonds and supranational bonds on ORB |
From 6 December 2010, there will be a new dedicated sector for dirty price bonds and another for supranational bonds. The addition of these sectors will help market participants to identify the different classes of bonds on ORB. For more information, please click here. |
New Participant on ORB |
From 25 November 2010, Banca Simetica S.p.A. commenced trading as a member of the London Stock Exchange and joined the ORB market. A full list of participants who have registered for access to ORB is available here. |
Guide to Advanced Bonds Search |
The Advanced Bonds Search tool recently launched on our website provides enhanced information such as accrued interest, gross redemption yield and duration for ORB bonds. To access the Advanced Bonds Search page, please click here. A new factsheet detailing the features of the service is available here. |
Clarification on ORB nominal values, price quoting conventions and consideration amounts |
For all transactions in ORB bonds, the price quoted is the price per £100 nominal. The trade size is expressed in terms of GBP nominal and not in number of units. The consideration value for a trade is calculated as the nominal multiplied by the price/100. For example, a trade of 25,000 at a price of 101.50, the consideration amount would be £25,375. All bonds on ORB are quoted on a 'clean' price basis with the exception of the two new RBS bonds admitted on 1 November 2010 which are the first to be admitted to trading on the basis of 'dirty' price quoting. |
New Bonds from RBS |
The Royal Bank of Scotland is launching new bonds linked to inflation or interest rates. They will be available for trading on Exchange from 1 November 2010. For more information, please click here. To see a full list of bonds on ORB, please click here. |
New Corporate Bonds available on ORB |
The London Stock Exchange is pleased to announce a wider offering on ORB which will be available from 27 September 2010. For a full list of bonds on ORB, please click here. |
New gilt available on ORB |
On 12 July 2010 3 3/4% Treasury gilt 2020 was admitted to trading on ORB. Evolution Securities are a registered market maker in this security. |
Jefferies to participate in gilt trading on order book |
On 9 July 2010 Gilt-Edged Market Maker (GEMM) Jefferies International Limited has started trading in gilts on ORB. Jefferies, which joins dedicated market maker Evolution Securities in offering electronic trading in UK gilts, will provide additional liquidity on the order book. |
Lloyds TSB |
On 21 June 2010 a new retail bond issued by Lloyds TSB has admitted to ORB. It is a £75 million issue tradable in denominations of £100 (subject to a minimum of £1,000) with a fixed rate coupon of 5.375%. Shore Capital Stockbrokers is acting as dedicated market maker in this new LBG1 bond. |
PFG7 beings trading on ORB |
On 15 April 2010 Provident Financial Plc 7.00% Gtd Bds 14/04/20 began trading on ORB, supported by market makers Numis Securities Limited, Evolutions Securities and Shore Capital. Electronic orders can be traded in denominations of just £1. |
Provident Financial offers retail bonds to trade on ORB |
On 24 March 2010 Provident Financial plc published an offering circular relating to the issue of up to £75 million 7.00% Guaranteed Bonds due 2020. The bonds will be admitted to trading on the Order book for Retail Bonds and will be issued in £1 denominations. Numis Securities Limited has been appointed as Manager and Hargreaves Lansdown Asset Management Limited has been appointed as Authorised Offeror. To view the full announcement click here. To view the prospectus click here. |
Royal Bank of Scotland: Issue first bond on the Order book for Retail Bonds |
On 1 February 2010, the Royal Bank of Scotland became the first issuer to list a bond on the new Order book for Retail Bonds. The new Royal 5.1% Bond offers an impressive 5.1% per year, to find more information on the bond then please click here. |
Taylor Wessing seminar: The UK Retail Bond Market: A New Paradigm |
On 28 January 2010, Taylor Wessing, in association with the London Stock Exchange, held a seminar on the new retail bond market at its City offices. The seminar covered the new market and how it operates, how corporates access the market and the fund opportunities arising. For more details on the seminar please click here. |
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