A new era for the bond market
Access Bonds
Let’s talk bonds. Access Bonds.
Simplified rules. Consistent disclosures. Broader investor access.
Access Bonds connect issuers and investors with clarity and confidence under the FCA’s new Prospectus Rules.
A new era for the bond market. Access Bonds
From January 2026, the FCA’s new Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (PRM), implementing the Public Offers and Admissions to Trading Regime (POATRs) removes existing bond denomination thresholds and introduces a single disclosure standard for all non-equity securities. This replaces the existing UK Prospectus Regulation (PRR) and creates a single, consistent disclosure framework for all investors, making the market simpler and more inclusive.
What’s changing
One unified disclosure standard for all non-equity securities
Clear, consistent rules under the FCA’s new regime
Increasing investor participation in UK capital markets
Why broader access matters
The potential for lower minimum denominations enables companies to raise finance in smaller amounts and provides all UK investors with the opportunity to participate in a wider range of bonds from as little as £1. This development broadens market participation, allowing more individuals to diversify their portfolios and access opportunities that were previously limited to institutional investors.
To deliver these benefits, the London Stock Exchange is introducing Access Bonds under the FCA’s new Prospectus Rules.
Introducing Access Bonds
Access Bonds are Main Market debt securities identified as being available to UK retail investors under the FCA’s new Prospectus Rules.
To be recognised as an Access Bond, the issuer must confirm at the time of admission that the target market determination includes UK retail investors. These securities are marked with the Access Bond roundel, making it straightforward for investors to identify potentially suitable investment opportunities.
Some Access Bonds also meet the FCA’s criteria for Plain Vanilla Listed Bonds (PVLBs). PVLBs are Access Bonds with simple, transparent structures as defined by the FCA. PVLB status is displayed alongside the Access Bond roundel on the London Stock Exchange website, providing additional clarity about the bond’s features.
In summary
- Access Bonds are identified by issuer confirmation of UK retail target market determination.
- PVLB status highlights bonds with straightforward structures, as defined by the FCA, and is shown where applicable.
- Not all Access Bonds are PVLBs, and not all PVLBs will necessarily be Access Bonds.
What is a Plain Vanilla Listed Bond?
Plain Vanilla Listed Bonds (PVLBs) are a subset of Access Bonds that meet specific FCA criteria designed to ensure simplicity and transparency. These bonds typically have straightforward structures, making them easier for investors to understand.
PVLB criteria
A Plain Vanilla Listed Bond is a bond that
- Is admitted to the Official List
- Is issued by an Equity Shares (commercial company) (“ESCC”) or a fully guaranteed ESCC subsidiary
- Is fixed rate or floating rate
- Is unsecured and unsubordinated
- Is not subject to write-down or conversion
- Is not a convertible, asset-backed security, or a security with payments linked to another asset or index
Investors will be able to view the PVLB status for a bond on London Stock Exchange, providing transparency around the complexity of the security and empowering them to make informed investment decisions.
Our commitment to market access
The London Stock Exchange (LSE) is committed to promoting the broadest possible access for investors and supporting the development of UK capital markets.
Access Bonds replace and enhance the previous Order Book for Retail Bonds (ORB), streamlining our primary debt market offering and removing the need for a separate LSE ORB eligibility assessment. Retail investors can now access bonds alongside wholesale participants, improving transparency and outcomes for all.
Benefits of Access Bonds
For issuers
- One disclosure standard
- Single listing for retail and institutional access
- Clear retail eligibility markers
For investors
- Access to a broader range of corporate bonds
- Consistent, comparable disclosures
- Enhanced transparency and data
A simple process for issuers and investors
For issuers
- Prepare documents for bond issuance
- Submit admissions application using the Admissions Self Service Portal (SSP)
- Confirm Investor Distribution and PVLB status in SSP
- Access Bond roundel applied if applicable
- PVLB status shown where applicable
For investors
- Look for the Access Bond roundel on London Stock Exchange
- Identify suitable securities
- Invest via an authorised broker or platform
Supporting liquidity and transparency
Access Bonds can be traded on our Order Book for Fixed Income Securities (OFIS) when supported by a market maker. Market makers receive regular updates on new Access Bonds available for trading and play a vital role in maintaining liquidity and orderly markets. By quoting continuously and supporting transparent trading, they help ensure investors have confidence in accessing fixed income opportunities.
Frequently asked questions
Disclaimer
The Access Bond roundel will be applied to bonds listed on London Stock Exchange’s Main Market that are not aimed at professional investors and eligible counterparties only, and may also be available to all UK retail investors, as indicated at the time of admission and in line with the target market determination. Where a bond also meets the FCA’s Plain Vanilla Listed Bond (PVLB) criteria (as defined in the FCA glossary), this status will be displayed alongside the roundel to provide additional transparency. Please note: The Access Bond roundel and any PVLB status are based solely on issuer-provided information. They do not represent an assessment of suitability, complexity, or risk by the London Stock Exchange and do not constitute investment advice. Responsibility for the accuracy of the information lies solely with the issuer.
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