order book for retail bonds (orb) · — orb aims to offer retail investors efficient access to an...

Order book for Retail Bonds

(ORB)

August 2016

— In February 2010, London Stock Exchange launched its new electronic, order-driven

trading service bond market for retail investors – the Order book for Retail Bonds (ORB)

— ORB aims to offer retail investors efficient access to an on-screen secondary market in

London-listed corporate, UK Government and Supranational debt instruments.

— ORB was modelled on Borsa Italiana’s MOT, the most successful and liquid electronic

bond market in Europe.

Launch of ORB

“ORB is suitable for businesses of all

sizes and across all sectors, helping them

tap into a new pool of capital outside of

the traditional wholesale markets.”

Xavier Rolet, Chief Executive, LSEG

Establish a primary market for distribution of dedicated retail bonds

Open up new sources of capital for companies seeking to diversify their funding

Develop an efficient transparent secondary market in bonds for UK investors.

Aim

of

OR

B

£0.2bn

£1.5bn

£3.2bn

£4.0bn

£4.5bn

£4.9bn £4.9bn

2010 2011 2012 2013 2014 2015 2016

Open interest of ORB dedicated issues

Primary Market - Growing Peer Group

55 ORB dedicated issues

£5.2bn Raised since launch

33 Different ORB Issuers

6 Taps of existing issues

+65.3% CAGR

(2010-2016)

The ORB market has grown

rapidly in the last 6 years since

launch

Secondary Market - Liquidity on the Order book

106 Corporate bonds,

including 4

supranationals

69 Gilts on ORB

UKGT segment

£800m+ Value traded in

H1 2016

7 Market Makers

providing all-day

liquidity

• ORB is a new market model introduced by

London Stock Exchange which allows investors

to see prices on-screen and trade in bonds in a

similar way as they have always done with

shares

• Widening investor base - increasingly strong

demand for retail bonds from retail brokers,

wealth managers and private investors as well

as institutional investors.

Example: Ladbrokes 5.125% 2022 Bonds

The screen below shows the typical view for ORB, outlining the various

quotes in the market at any one time via a number of market makers.

In this way, ORB offers the functionality to see up-to-date pricing and

trading data.

Benefits of

Listing and

Investing in

ORB

Liquid, Transparent & Well Respected Market

Alternative

source of

funding

• Issuing retail bonds onto ORB,

issuers are able to tap into a

new source of funding and

diversify into a new pool of

retail liquidity. A retail bond can

either be an alternative source

of funding or complement

existing channels

Flexibility

• ORB offers greater flexibility for

issuers as the size of a retail

bond can be tailored to meet

issuers’ particular needs; issue

sizes on the ORB have ranged

from £11 million to benchmark

sized deals of £300million

Structure

• Retail bonds are characterised

by simple structures, including

fixed, floating and index linked

bonds

Transparency

• Continuous tradable prices on-

screen allows investors to

easily monitor the value of their

bond portfolio and also make it

easier for issuers to infer the

exact current yield on their

bonds at any time.

Regulatory

Supervision

• ORB is an EU regulated market

monitored by London Stock

Exchange’s Market Supervision

team

Liquidity

• On-book liquidity growing fast as

a consequence of tightening

average spreads. This also

drives demand in the primary

market, giving investors

confidence that they will be able

to trade out easily if they need to

Building a Community to Support Growth

ORB is currently supported by seven market makers:

• We continue to work with market partners

supporting them with PR and marketing

activity to further develop ORB

• Dedicated partner logos may be displayed

by participants

• Listing Fee Waiver for debt securities

issued by Charities

• Dedicated Retail Charity Bond segment

Corporate

Bond Range

Gilts

Range of

Corporate

Securities

Gilts &

Corporates

Elevated Profile - Reduced Cost of Capital

ORB regularly features in key media publications, thus increasing the profile of the issuance which reduces

cost of capital in the long term due to heightened investor demand

ORB Case Studies

Company Details

Company London Stock Exchange Group

Market Main Market

Sector Financials

Rating Baa1 / BBB+

Transaction Details

Issue Date 05 Nov 2016

Issue Size GBP 300 million

Coupon 4.75%

Maturity 9 years

Company profile

— London Stock Exchange Group (LSE.L) is a

diversified international exchange Group that

sits at the heart of the world's financial

community. The Group can trace its history

back to 1801.

— The Group operates a broad range of

international equity, bond, derivatives,

clearing and indexing markets, including

London Stock Exchange, Borsa Italiana, MTS,

Turquoise, LCH Group, CC&G, Monte Titoli

and FTSE Russell

— In addition to the Group’s own markets, over

35 other organisations and exchanges use the

Group’s MillenniumIT trading, surveillance

and post trade technology.

Debt issuance story

— The market is not limited to small issues and

can also accommodate larger issue sizes.

This is the largest corporate bond to be

issued through London Stock Exchange’s

Order Book for Retail Bonds (ORB) to date.

— Authorised Distributors: Barclays

Stockbrokers, Charles Stanley, Killik & Co.,

Halifax Share Dealing, Hargreaves

Lansdown, Numis Securities, Peel Hunt,

Redmayne-Bentley LLP, Selftrade, Shore

Capital, Smith and Williamson, and

Stocktrade.

— Joint Leads: Barclays, Lloyds, RBS

Using retail bonds to finance a benchmark size transaction

Appendix (data sets)

Retail Bonds on London Stock Exchange

ORB-dedicated bonds Listed on London Stock Exchange

ISIN Security Description Issue Date Maturity

(yrs) Coupon Amount Currency

XS1391063424 BURFORD CAPITAL PLC 6.125% 26/04/2016 8.0 6.1 £100,000,000 GBP

XS1386668591 RETAIL CHARITY BONDS PLC 5% BDS CAF1 12/04/2016 10.0 5.0 £30,000,000 GBP

XS1379593566 ALPHA PLUS HOLDINGS PLC 5.00% SEC STG BDS 31/03/2016 8.0 5.0 £130,000,000 GBP

XS1275325758 PARAGON GROUP OF COMPANIES PLC PARAGON GP24 28/08/2015 9.0 6.0 £112,500,000 GBP

XS1221940510 WASPS FINANCE PLC WASPS 22 07/05/2015 7.0 6.5 £35,000,000 GBP

XS1200788369 RETAIL CHARITY BONDS PLC RETAIL CB25 20/04/2015 10.0 4.4 £27,000,000 GBP

XS1209091856 PROVIDENT FINANCIAL PLC PROV.FIN 23 09/04/2015 8.5 5.1 £60,000,000 GBP

XS1200576699 INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP23 11/03/2015 8.0 5.0 £160,000,000 GBP

XS1112834608 EROS INTERNATIONAL PLC EROS INT 21 16/10/2014 7.0 6.5 £50,000,000 GBP

XS1103286305 A2D FUNDING II PLC A2D FUND.26 01/10/2014 12.0 4.5 £150,000,000 GBP

XS1088905093 BURFORD CAPITAL PLC BURFORD 22 30/07/2014 8.1 6.5 £90,000,000 GBP

XS1066485902 RETAIL CHARITY BONDS PLC RETAIL CB21 15/07/2014 7.0 4.4 £11,000,000 GBP

XS1066478014 LADBROKES GROUP FINANCE PLC LADBROKES GP.22 05/06/2014 8.3 5.1 £100,000,000 GBP

XS1018830270 PARAGON GROUP OF COMPANIES PLC PARGN 6.125% 24/01/2014 8.0 6.1 £125,000,000 GBP

XS0997703250 PREMIER OIL PLC PREMIER OIL20 06/12/2013 7.0 5.0 £150,000,000 GBP

XS0975865949 A2D FUNDING PLC A2D FUND. 22 21/10/2013 9.0 4.8 £150,000,000 GBP





XS0947705215 BRUNTWOOD INVESTMENTS PLC BRUNTWOOD 6% 25/07/2013 7.0 6.0 £50,000,000 GBP

XS0942129957 HELICAL BAR PLC HELICAL B.20 25/06/2013 7.0 6.0 £80,000,000 GBP

XS0919406800 INTERNATIONAL PERSONAL FINANCE PLC

INTER.PERS.20 08/05/2013 7.0 6.1 £101,500,000 GBP

XS0900863084 PROVIDENT FINANCIAL PLC PROV.FIN6%21 27/03/2013 8.5 6.0 £65,000,000 GBP

XS0891023086 PARAGON GROUP OF COMPANIES PLC PARAGON GP20 25/02/2013 7.8 6.0 £60,000,000 GBP

XS0880578728 ENQUEST PLC ENQUEST 22 15/02/2013 9.0 5.5 £155,000,000 GBP

XS0853358801 ALPHA PLUS HOLDINGS PLC ALPHA PLUS 19 19/12/2012 7.0 5.8 £48,500,000 GBP

XS0856594642 UNITE GROUP PLC UNITE GRP 20 12/12/2012 7.5 6.1 £90,000,000 GBP

XS0859261520 TULLETT PREBON PLC TULLETT 5.25% 11/12/2012 6.5 5.3 £80,000,000 GBP

XS0841076465 ST.MODWEN PROPERTIES PLC ST.MODWEN 19 08/11/2012 7.0 6.3 £80,000,000 GBP

XS0846486040 LONDON STOCK EXCHANGE GROUP PLC LON.STK.EX21 05/11/2012 9.0 4.8 £300,000,000 GBP

XS0832324981 WORKSPACE GROUP PLC WORKSPACE 6% 10/10/2012 7.0 6.0 £57,500,000 GBP

XS0827693663 BEAZLEY PLC BEAZLEY 5.375% 20/09/2012 7.0 5.4 £75,000,000 GBP

XS0818634668 INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP20 20/09/2012 8.0 6.3 £80,000,000 GBP

XS0820711215 CLS HOLDINGS PLC CLS HDGS 19 12/09/2012 7.3 5.5 £65,000,000 GBP

XS0805454872 ICAP PLC ICAP 5.50% 24/07/2012 6.0 5.5 £125,000,000 GBP

XS0795445823 PRIMARY HEALTH PROPERTIES PLC PRIMARY HLTH 19 24/07/2012 7.0 5.4 £75,000,000 GBP





XS0796078193 SEVERN TRENT PLC SEVERN T.22 11/07/2012 10.0 1.3 £75,000,000 GBP

XS0780063235 TESCO PERSONAL FINANCE PLC TESCO PF 5% 21/05/2012 8.5 5.0 £200,000,000 GBP

XS0762418993 PROVIDENT FINANCIAL PLC PROV.FIN 7% 17 02/04/2012 5.5 7.0 £120,000,000 GBP

XS0731910765 PLACES FOR PEOPLE CAPITAL MARKETS PLC PLACES

PEO 1% 26/01/2012 10.0 1.0 £40,000,000 GBP

XS0716336325 INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP 19/12/2011 7.0 7.0 £35,000,000 GBP

XS0710391532 TESCO PERSONAL FINANCE PLC TESCO PF 1% 12/12/2011 8.0 1.0 £60,000,000 GBP

GB00B3YYW134 ROYAL BANK OF SCOTLAND 07/11/2011 7.0 2.0 £20,000,000 GBP

XS0678522490 NATIONAL GRID PLC NAT.GRID BD 21 30/09/2011 10.0 1.3 £282,500,000 GBP

XS0635014177 PLACES FOR PEOPLE CAPITAL MARKETS PLC PLACES

PEO 5% 27/06/2011 5.5 5.0 £140,000,000 GBP

XS0605672558 PROVIDENT FINANCIAL PLC PROV.FIN 7.5% 25/03/2011 5.5 7.5 £50,000,000 GBP

XS0604804194 LLOYDS BANK PLC LLOYDS BK 5.50% 25/03/2011 5.5 5.5 £150,000,000 GBP

XS0602217159 EUROPEAN INVESTMENT BANK EURO.I.BK.16 08/03/2011 5.8 3.3 £350,000,000 GBP

XS0591029409 TESCO PERSONAL FINANCE PLC TESCO PF 5.2% 21/02/2011 7.5 5.2 £125,000,000 GBP

XS0496412064 PROVIDENT FINANCIAL PLC PROVIDENT 7.00% 14/04/2010 10.0 7.0 £25,200,000 GBP


ORB-dedicated distributors and lead managers

ISIN Issuer Issue Date Cpn

(%) Cpn

Type Issue

Size Lead Manager(s) Authorised Distributors

Issuer

Counsel

Lead

Manager

Counsel

XS1391063424 Burford Capital Plc 05/04/2016 6.125 F £90m Canaccord Genuity /

Peel Hunt

Redmayne-Bentley LLP, Barclays Stockbrokers,

Equiniti Financial, Services Limited, AJ Bell

Securities, Alliance Trust Savings Limited, TD

Direct Investing (Europe) Limited, Smith &

Williamson

Ogier Allen & Overy

XS1386668591 Retail Charity Bonds plc

(Charities Aid Foundation) 04/04/2016 5 F £30m Canacord Genuity

AJ Bell YouInvest, Interactive Investor,

Redmayne Bentley, Shareview, Selftrade, Saga

Share Direct Linklaters Allen & Overy

XS1379593566 Alpha Plus Holding Plc 31/04/2015 5 F £130m Canacord Genuity/Peel

Hunt Llp

Interactive Investor/Redmayne Bentley

LLP/Barclays Stockbrokers/AJ Bell

Youinvest/Shareview/Sellftrade/Saga Share

Direct

Freshfields Allen & Overy

XS1275325758 The Paragon Group Of

Companies PLC 28/05/2015 6.125 F £125m

Barclays Bank PLC /

Canacord Genuity

Limited

Barclays Stockbrokers Limited, Brown Shipley,

Canaccord Genuity Wealth, Interactive Investor,

Killik & Co LLP, Redmayne-Bentley LLP,

Selftrade (Talos Securities Limited), Smith &

Williamson

Clifford

Chance Allen & Overy

XS1221940510 Wasps Finance plc

06/05/2015 6.5 F £35m Investec Bank plc

Barclays Stockbrokers, Interactive Investor,

Redmayne-Bentley Stockbrokers Kennedys

Law Linklaters


(Hightown Praetorian) 01/05/15 4.4 F £27m

Canaccord Genuity

Limited

Interactive Investor, iDealing.com, Redmayne-

Bentley LLP Linklaters Allen & Overy

XS1209091856 Provident Financial plc 27/03/13 5.125 F £60.0m Barclays Bank plc /

Numis Securities Limited


Redmayne-Bentley LLP Allen & Overy Linklaters

XS1200576699 Intermediate Capital Group

plc 24/03/15 5 F £160.0m

Canaccord Genuity

Limited Interactive Investor, Redmayne-Bentley LLP Ashurst Linklaters

XS1112834608 Eros International Plc 16/10/14 6.5 F £50m Investec Bank plc


Redmayne-Bentley LLP, Selftrade, Smith &

Williamson

Allen & Overy Linklaters




(%) Cpn

Type Issue


Issuer

Counsel

Lead

Manager

Counsel

XS1103286305 A2D Funding II Plc 01/10/14 4.5 F £150m Canaccord Genuity

Limited / Lloyds Bank plc


Redmayne-Bentley LLP, Selftrade

Devonshires

Solicitors Allen & Overy

XS1088905093 Burford Capital plc 20/08/14 6.5 F £90.0m Canaccord Genuity

Limited

Barclays Stockbrokers, Canaccord Genuity

Wealth, Interactive Investor, Redmayne-Bentley

LLP, Selftrade, Smith & Williamson

Ogier,

Freshfields Allen & Overy


(MCAP) 30/07/14 4.375 F £11.0m

Canaccord Genuity

Limited


iDealing.com, Redmayne-Bentley LLP Linklaters Allen & Overy

XS1066478014 Ladbrokes Group Finance

plc 17/06/14 5.125 F £100.0m

Barclays Bank plc /

Canaccord Genuity Ltd /

Lloyds TSB Bank plc

Barclays Stockbrokers, Canaccord Genuity

Wealth, Killik & Co, Redmayne-Bentley LLP,

Smith & Williamson

Slaughter and

May Linklaters

XS1018830270 The Paragon Group of

Companies PLC 30/01/14 6.125 F £125m

Canaccord Genuity

Limited


Canaccord Genuity Wealth, Interactive Investor,

Killik & Co LLP, Redmayne-Bentley LLP,

Selftrade (Talos Securities Limited), Smith &

Williamson

Clifford

Chance Allen & Overy

XS0997703250 Premier Oil plc 11/12/13 5 F £150m

Barclays Bank plc /

Canaccord Genuity Ltd

/ Lloyds TSB Bank plc


Canaccord Genuity Wealth, Killik & Co LLP,

Redmayne-Bentley LLP, Selftrade (Talos

Securities Limited), Smith & Williamson

Slaughter

and May Linklaters

XS0975865949 A2D Funding Plc 21/10/13 4.75 F £150m

Canaccord Genuity

Limited / Lloyds Bank

plc

Barclays Stockbrokers Limited, Interactive

Investor Trading Ltd, Redmayne-Bentley LLP

Herbert

Smith

Freehills

Allen &

Overy

XS0947705215 Bruntwood Investments plc 25/07/13 6 F £50m Investec Bank plc


Interactive Investor Trading Ltd, Killik & Co

LLP, Redmayne-Bentley LLP, Selftrade (Talos

Securities Limited)

Freshfields Linklaters




(%) Cpn

Type Issue


Issuer

Counsel

Lead

Manager

Counsel

XS0942129957 Helical Bar plc 25/06/13 6 F £80m Numis Securities

Limited

Barclays Stockbrokers Limited, Killik & Co.,

NCL Investments Limited, Redmayne Bentley

LLP, Selftrade (Talos Securities Limited), WH

Ireland Limited

Mayer

Brown Intl. Linklaters

XS0919406800 International Personal

Finance plc 08/05/13 6.125 F

£101.5

m

Canaccord Genuity

Limited

Brown Shipley, Collins Stewart Wealth

Management, Interactive Investor, Killik & Co.,

Redmayne-Bentley LLP, Selftrade, Smith and

Williamson Securities

Slaughter

and May Linklaters

XS0900863084 Provident Financial plc 27/03/13 6 F £65.0m

Barclays Bank plc /

Lloyds TSB Bank plc /

Royal Bank of Scotland

Barclays Stockbrokers, Collins Stewart Wealth

Management, Hargreaves Lansdown, Killik &

Co., Redmayne-Bentley LLP, Selftrade, Smith

and Williamson Securities

Allen &

Overy Linklaters

XS0891023086 The Paragon Group of

Companies PLC 03/03/13 6 F £60.0m

Canaccord Genuity

Limited


Management,Interactive Investor, Redmayne-

Bentley LLP, Selftrade, Smith and Williamson

Securities

Clifford

Chance

Allen &

Overy

XS0880578728 EnQuest PLC 15/02/13 5.5 F £155m Numis Securities

Limited

Barclays Stockbrokers Ltd, Brown Shipley,

Killik & Co, Redmayne-Bentley LLP, RIA

Capital Markets, Selftrade (Talos Securities

Ltd), Smith & Williamson Securities,

Stocktrade (Brewin Dolphin Ltd)

Ashurst Linklaters




(%) Cpn

Type Issue


Issuer

Counsel

Lead

Manager

Counsel

XS0853358801 Alpha Plus Holdings plc 19/12/12 5.75 F £48.5m Canaccord Genuity

Limited

Collins Stewart Wealth Management,

Interactive Investor, Peel Hunt LLP, RM

Capital Markets Ltd, Selftrade (Talos

Securities Ltd), Shore Capital, Smith and

Williamson Securities

Freshfields Allen &

Overy

XS0856594642 UNITE Group plc 12/12/12 6.125 F £90m

Investec Bank plc /

Numis Securities

Limited.

Barclays Stockbrokers Ltd, Brown Shipley,

Killik & Co, Pilling & Co Stockbrockers,

Redmayne-Bentley LLP, Selftrade (Talos

Securities Ltd), Smith & Williamson Securities,

Stocktrade (Brewin Dolphin Ltd)

Osborne

Clarke Linklaters

XS0859261520 Tullett Prebon plc 11/12/12 5.25 F £80m Lloyds TSB Bank plc /



Management, Halifax Share Dealing, Killik &

Co, Redmayne-Bentley LLP, Selftrade, Smith

and Williamson Securities, Stocktrade

Allen &

Overy Linklaters

XS0841076465 St Modwen Properties plc 08/11/12 6.25 F £80m

Investec Bank plc /

Numis Securities

Limited.

Barclays Stockbrokers, Killik & Co, Peel Hunt,

Redmayne Bentley, Selftrade, Smith and

Williamson, Stocktrade, WH Ireland

Mayer


XS0846486040 London Stock Exchange

Group plc 02/11/12 4.75 F £300m

Barclays Bank plc /



Barclays Stockbrokers, Charles Stanley,

Halifax Sharedealing, Hargreaves Lansdown,

Killik & Co, Numis Securities, Peel Hunt,

Redmayne Bentley, Selftrade, Shore Capital,

Smith and Williamson, Stocktrade

Freshfields Allen &

Overy

XS0832324981 Workspace Group plc 10/10/12 6 F £58m

Investec Bank plc /

Numis Securities

Limited.

Barclays Stockbrokers, Brewin Dolphin, Killik &

Co, Redmayne Bentley, Selftrade

Norton

Rose Linklaters




(%) Cpn

Type Issue


Issuer

Counsel

Lead

Manager

Counsel

XS0827693663 Beazley plc 25/09/12 5.375 F £75m Lloyds TSB Bank plc /

Numis Securities Ltd

Barclays Stockbrokers, Halifax Sharedealing,

Killik & Co, Redmayne Bentley, Selftrade,

Stocktrade

Mayer



plc 20/09/12 6.25 F £80m

Canaccord Genuity

Limited


Collins Stewart, Killik & Co, Redmayne

Bentley, Selftrade, Smith and Williamson,

Stocktrade, WH Ireland

Ashurst Linklaters

XS0820711215 CLS Holding 12/09/12 5.5 F £65m Canaccord Genuity

Limited

Barclays Stockbrokers, Collins Stewart, Peel

Hunt, Redmayne Bentley, Selftrade, Smith and

Williamson, Stocktrade, WH Ireland

Travers

Smith Linklaters

X0805454872 ICAP 31/07/12 5.5 F £125m Lloyds TSB Bank plc /



Halifax Sharedealing, Killik & Co, Peel Hunt,

Redmayne Bentley, Selftrade, Stocktrade

Clifford

Chance

Allen &

Overy

XS0795445823 Primary Health Properties

plc 24/07/12 5.375 F £75m

Independent Debt

Capital Markets

Barclays Stockbrokers, Killik & Co, Mirabaud

Securities, Peel Hunt, Redmayne Bentley,

Selftrade, Winterflood

Nabarro Allen &

Overy

XS0796078193 Severn Trent plc 11/07/12 1.3 IL £75m Investec Bank plc /

Barclays Bank plc

Barclays Stockbrokers, Charles Stanley, Killik

& Co, Redmayne Bentley, Selftrade, Smith &

Williamson, Stocktrade, Williams de Broe

Herbert

Smith

Allen &

Overy

XS0780063235 Tesco Personal Finance

plc 21/05/12 5 F £200m

Investec Bank plc /

Barclays Bank plc



Williamson, Stocktrade (Brewin Dolphin),

Williams de Broe

Freshfields Allen &

Overy




(%) Cpn

Type Issue


Issuer

Counsel

Lead

Manager

Counsel

XS0762418993 Provident Financial plc 04/04/12 7 F £120m Investec Bank plc /

Barclays Bank plc

Barclays Stockbrokers, Killik & Co, Redmayne

Bentley, Selftrade, Smith & Williamson,

Stocktrade (Brewin Dolphin), Williams de Broe

Allen &

Overy Linklaters

XS0731910765 Places for People Capital

Markets 31/01/12 1 IL £40m

Investec Bank plc/

Barclays Bank plc

Killik & Co, Redmayne Bentley, Smith &

Williamson, Selftrade DLA Piper

Allen &

Overy


plc 22/12/11 7 F £35m Evolution Securities Ltd

Charles Stanley, Killik & Co, Redmayne

Bentley, Selftrade Ashurst Linklaters


plc 16/12/11 1 IL £60m Evolution Securities Ltd


HSDL, Killik & Co, Redmayne Bentley,

Selftrade, Stocktrade (Brewin Dolphin)

Freshfields Allen &

Overy

GB00B3YYW134 Royal Bank of Scotland plc 07/11/11 2 V £20m Royal Bank of Scotland Royal Bank of Scotland / /

XS0678522490 National Grid plc 30/09/11 1.3 IL £283m Evolution Securities Ltd

/ Barclays Bank plc



Williamson, Williams de Broe

Clifford

Chance Linklaters

XS0635014177 Places for People Capital

Markets 27/06/11 5 F £140m Evolution Securities Ltd


Bentley, Selftrade, Williams de Broe DLA Piper

Allen &

Overy

XS0605672558 Provident Financial plc 31/03/11 7.5 F £50m Evolution Securities Ltd

/ Barclays Bank plc

Brewin Dolphin, Killik & Co, Redmayne

Bentley, Selftrade, Williams de Broe

Allen &

Overy Linklaters




(%) Cpn

Type Issue


Issuer

Counsel

Lead

Manager

Counsel

XS0604804194 Lloyds TSB Bank plc 25/03/11 5.5 F £150m


Royal Bank of Canada

Europe Ltd

Barclays Stockbrokers, Cenkos CI, Collins

Stewart, Charles Stanley, HSDL, Killik & Co,

Merchant Securities, Rathbones, Redmayne

Bentley, RIA Capital Markets, RBC IM, Shore

Capital, Spearpoint, Selftrade, Winterflood

Linklaters Allen &

Overy

XS0602217159 EIB 11/03/11 3.25 F £350m Royal Bank of Scotland Royal Bank of Scotland / /


plc 25/02/11 5.2 F £125m



Europe Ltd


Bentley, Selftrade, Williams de Broe Freshfields

Allen &

Overy

GB00B42SH312 Royal Bank of Scotland plc 21/02/11 2 V £10m Royal Bank of Scotland Royal Bank of Scotland / /

GB00B442CZ84 Royal Bank of Scotland plc 17/01/11 3.3 F £15m Royal Bank of Scotland Royal Bank of Scotland / /

GB00B4MTS317 Royal Bank of Scotland plc 06/12/10 0 V £35m Royal Bank of Scotland Royal Bank of Scotland / /

GB00B4P95L57 Royal Bank of Scotland plc 01/11/10 3.9 V £20m Royal Bank of Scotland Royal Bank of Scotland / /

GB00B4RM3T66 Royal Bank of Scotland plc 01/11/10 3.9 V £35m Royal Bank of Scotland Royal Bank of Scotland / /




(%) Cpn

Type Issue


Issuer

Counsel

Lead

Manager

Counsel

XS0517466198 Lloyds TSB Bank plc 21/06/10 5.375 F £75m

Lloyds TSB Bank plc/


Europe Ltd

Brewin Dolphin, Charles Stanley, HSDL, Killik

& Co, Redmayne Bentley, RBC IM,

Winterflood

Linklaters Allen &

Overy

XS0496412064 Provident Financial plc 15/04/10 7 F £25m Numis Securities Ltd Hargreaves Lansdown Allen &

Overy

Norton

Rose

GB00B3N3WC23 Royal Bank of Scotland plc 01/02/10 5.1 F £50m Royal Bank of Scotland Royal Bank of Scotland / /

Appendix

(contact details)

London Stock Exchange’s Fixed Income Team

Primary Markets

Fixed Income Team +44 20 7797 3921 [email protected]

Fixed Income Product Specialist Lillian Georgopoulou +44 20 7797 3482 [email protected]

Fixed Income Product Specialist Elena Chimonides +44 20 7797 1509 [email protected]

mailto:[email protected]



This presentation/document contains text, data, graphics, photographs, illustrations, artwork, names, logos, trade marks, service marks and information

(“Information”) connected with London Stock Exchange Group plc (“LSEG”). LSEG attempts to ensure Information is accurate, however Information is

provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. Information in this presentation/document may or may not

have been prepared by LSEG but is made available without responsibility on the part of LSEG. LSEG does not guarantee the accuracy, timeliness,

completeness, performance or fitness for a particular purpose of the presentation/document or any of the Information. No responsibility is accepted by or

on behalf of the Exchange for any errors, omissions, or inaccurate Information in this presentation/document.

No action should be taken or omitted to be taken in reliance upon Information in this presentation/document. We accept no liability for the results of any

action taken on the basis of the Information.

London Stock Exchange, the London Stock Exchange coat of arms device are trade marks of London Stock Exchange plc.

Disclaimer

order book for retail bonds (orb) · — orb aims to offer retail investors efficient access to an...

Documents