The Order book for Retail Bonds (ORB), the electronic service launched by the London Stock Exchange (LSE) in February 2010 to meet private investor demand for easier access to trading bonds, offers increasing efficiency as it approaches its fourth anniversary said Lloyds Bank.
The bank added that the LSE service provides a flexible alternative source of funding for medium-sized corporates and provides a bridge between the worlds of bank finance and the institutional bond market for borrowers looking to diversify their funding.
“We have brought issuers and investors together in a range of successful transactions for financial institutions [FIs] and corporate,” said David Carmalt, head of FI debt capital markets at Lloyds Banks Wholesale Banking & Markets.
“Our focus is always on the sustainability of the market and we look for structural elements that we consider are appropriate for retail investors. We look forward to continued growth in the retail bond market as investors develop their awareness of fixed income securities.”
Juan Blasco, head of credit product, Lloyds Bank Commercial Banking, added: “We are very pleased to have been part of the success story of this platform. Our role as market maker has deepened our long standing commitment to ORB and the LSE. Strong network and market expertise has enabled us support the development of an increasingly efficient secondary market to benefit issuers and investors in the UK.”
More than 60 gilts and over 100 corporate bonds – tradable in denominations of £1,000 or less – are available for trading on ORB, which also offers a mechanism for corporate issuers wishing to distribute bonds to retail investors.
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
GTNews asks Pugsley about what advice she would give to treasurers dealing with mergers and acquisitions, what the key challenges for her year ahead will be and how she is selecting a treasury management system (TMS).
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.