Lloyd’s of London insurer Beazley has raised £75m from retail investors, following the issue of retail bonds via the London Stock Exchange’s (LSE) Order Book for Retail Bonds (ORB).
The transaction, which represents the first time that a global insurance company has launched a retail bond issue on the ORB, was advised and managed by Lloyds Bank Wholesale Banking and Markets.
The fixed rate bonds will pay a coupon of 5.375% each year until they mature in 2019. The target for fund raising was between £50m and £75m, with the issue meeting strong demand from retail investors. Lloyds Bank was able to close the transaction in eight days and ahead of schedule, securing the maximum figure required.
“We are seeing an increasing trend for corporates and financials to turn to fixed rate retail bonds, enabling companies to diversify their sources of funding and offer investors an attractive coupon and a relatively small commitment level,” said Christoffer Mollenbach, head of financial institutions (FI) debt capital markets (DCM) at Lloyds Bank Wholesale Banking and Markets. “The speed at which we were able to raise the funds clearly demonstrates strong investor appetite, with Beazley reaping the rewards for pursuing this alternative funding source.”
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.