Order book for Retail Bonds

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1 Order book for Retail Bonds Secondary Market Liquidity Report March 2016 Page 1

2 Order book for Retail Bonds Primary Issuance Page 2

3 Millions ORB primary issuance snapshot There have been 54 dedicated ORB issues since its launch in 2010 In 2016 there have been 2 new dedicated ORB retail bond issues There are currently 46 ORB dedicated corporate bonds and 108 corporate bonds in total available to trade on the ORB platform Additionally there are 69 gilts trading on ORB s dedicated UKGT segment There are 7 market makers on ORB providing all-day liquidity 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ORB dedicated issue amount outstanding Sep-15 Year Total Amount Outstanding ,200, ,342,700, ,853,700, ,665,200, ,191,200, ,750,000, YTD 5,080,000,000 Page 3

4 List of ORB dedicated bonds Page 4

5 List of ORB dedicated bonds ISIN Issuer name Issue Date Maturity (years) Coupon (%) Issue Amount Currency XS RETAIL CHARITY BONDS PLC RETAIL CAF1 12/04/ ,000,000 GBP XS ALPHA PLUS HOLDINGS PLC ALPHA PLUS ALP2 31/03/ ,000,000 GBP XS PARAGON GROUP OF COMPANIES PLC PARAGON GP24 28/08/ ,500,000 GBP XS WASPS FINANCE PLC WASPS 22 07/05/ ,000,000 GBP XS RETAIL CHARITY BONDS PLC RETAIL CB25 20/04/ ,000,000 GBP XS PROVIDENT FINANCIAL PLC PROV.FIN 23 09/04/ ,000,000 GBP XS INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP23 11/03/ ,000,000 GBP XS EROS INTERNATIONAL PLC EROS INT 21 16/10/ ,000,000 GBP XS A2D FUNDING II PLC A2D FUND.26 01/10/ ,000,000 GBP XS BURFORD CAPITAL PLC BURFORD 22 30/07/ ,000,000 GBP XS RETAIL CHARITY BONDS PLC RETAIL CB21 15/07/ ,000,000 GBP XS LADBROKES GROUP FINANCE PLC LADBROKES GP.22 05/06/ ,000,000 GBP XS PARAGON GROUP OF COMPANIES PLC PARGN 6.125% 24/01/ ,000,000 GBP XS PREMIER OIL PLC PREMIER OIL20 06/12/ ,000,000 GBP XS A2D FUNDING PLC A2D FUND /10/ ,000,000 GBP XS BRUNTWOOD INVESTMENTS PLC BRUNTWOOD 6% 25/07/ ,000,000 GBP XS HELICAL BAR PLC HELICAL B.20 25/06/ ,000,000 GBP Page 5

6 List of ORB dedicated bonds ISIN Issuer name Issue Date Maturity (years) Coupon (%) Issue Amount Currency XS INTERNATIONAL PERSONAL FINANCE PLC INTER.PERS.20 08/05/ ,500,000 GBP XS PROVIDENT FINANCIAL PLC PROV.FIN6%21 27/03/ ,000,000 GBP XS PARAGON GROUP OF COMPANIES PLC PARAGON GP20 25/02/ ,000,000 GBP XS ENQUEST PLC ENQUEST 22 15/02/ ,000,000 GBP XS ALPHA PLUS HOLDINGS PLC ALPHA PLUS 19 19/12/ ,500,000 GBP XS UNITE GROUP PLC UNITE GRP 20 12/12/ ,000,000 GBP XS TULLETT PREBON PLC TULLETT 5.25% 11/12/ ,000,000 GBP XS ST.MODWEN PROPERTIES PLC ST.MODWEN 19 08/11/ ,000,000 GBP XS LONDON STOCK EXCHANGE GROUP PLC LON.STK.EX21 05/11/ ,000,000 GBP XS WORKSPACE GROUP PLC WORKSPACE 6% 10/10/ ,500,000 GBP XS BEAZLEY PLC BEAZLEY 5.375% 20/09/ ,000,000 GBP XS INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP20 20/09/ ,000,000 GBP XS CLS HOLDINGS PLC CLS HDGS 19 12/09/ ,000,000 GBP XS ICAP PLC ICAP 5.50% 24/07/ ,000,000 GBP XS PRIMARY HEALTH PROPERTIES PLC PRIMARY HLTH 19 24/07/ ,000,000 GBP Page 6

7 List of ORB dedicated bonds ISIN Issuer name Issue Date Maturity (years) Coupon (%) Issue Amount Currency XS SEVERN TRENT PLC SEVERN T.22 11/07/ ,000,000 GBP XS TESCO PERSONAL FINANCE PLC TESCO PF 5% 21/05/ ,000,000 GBP XS PROVIDENT FINANCIAL PLC PROV.FIN 7% 17 02/04/ ,000,000 GBP XS PLACES FOR PEOPLE CAPITAL MARKETS PLC PLACES PEO 1% 26/01/ ,000,000 GBP XS INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP 19/12/ ,000,000 GBP XS TESCO PERSONAL FINANCE PLC TESCO PF 1% 12/12/ ,000,000 GBP XS NATIONAL GRID PLC NAT.GRID BD 21 30/09/ ,500,000 GBP XS PLACES FOR PEOPLE CAPITAL MARKETS PLC PLACES PEO 5% 27/06/ ,000,000 GBP XS PROVIDENT FINANCIAL PLC PROV.FIN 7.5% 25/03/ ,000,000 GBP XS LLOYDS BANK PLC LLOYDS BK 5.50% 25/03/ ,000,000 GBP XS EUROPEAN INVESTMENT BANK EURO.I.BK.16 08/03/ ,000,000 GBP XS TESCO PERSONAL FINANCE PLC TESCO PF 5.2% 21/02/ ,000,000 GBP XS PROVIDENT FINANCIAL PLC PROVIDENT 7.00% 14/04/ ,200,000 GBP GB00B3N3WC23 ROYAL BANK OF SCOTLAND PLC ROY.BK.SC.20 01/02/ ,000,000 GBP Page 7

8 ORB March statistics Page 8

9 March highlights Corporate Bonds Total value traded on ORB dedicated issues was over 119 mm through 4,887 trades Total value traded on all ORB corporate bonds was over 557mm through 6,059 trades Below is the top 10 securities by value traded on ORB-dedicated along with monthly average on-book spread ISIN Security description Total value traded Total trades On-Book spread (bpts) XS EUROPEAN INVESTMENT BANK EURO.I.BK.16 22,077, XS LLOYDS BANK PLC LLOYDS BK 5.50% 8,647, XS PLACES FOR PEOPLE CAPITAL MARKETS PLC PLACES PEO 5% 8,232, XS NATIONAL GRID PLC NAT.GRID BD 21 7,359, XS ICAP PLC ICAP 5.50% 6,602, XS INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP23 5,799, XS PARAGON GROUP OF COMPANIES PLC PARGN 6.125% 5,790, XS LONDON STOCK EXCHANGE GROUP PLC LON.STK.EX21 4,538, XS TESCO PERSONAL FINANCE PLC TESCO PF 5% 4,040, XS BURFORD CAPITAL PLC BURFORD 22 3,921, Page 9

10 Millions ( ) March highlights: On-book ORB dedicated bonds On-book GBP value traded On-book number of trades 0 0 Highlights Total value traded on-book was over 3.18 million across 175 trades. Intermediate Capital Group Plc retail bond was the most heavily traded on-book security with a turnover above 8.9 mm Page 10

11 Millions ( ) March highlights: Off-Book ORB dedicated bonds Off-book GBP value trades Off-book number of trades Highlights Total value traded off-book was around 116 million across 4,712 trades. European Investment Bank was the most heavily traded off-book security with a turnover above 267 mm. Page 11

12 March highlights: ORB dedicated bonds and ORB gilts Summary trading stats of ORB dedicated corporate bonds Mar 16 On-book Off-book Total GBP value traded No. Trades GBP value traded No. Trades GBP value traded No. Trades 3,186, ,434,801 4, ,621,368 4,887 ORB Gilt trading ORB has a dedicated gilts segment which provides on-book access to UK government bonds As with all segments on ORB, there are market makers providing two-way prices (submitted as executable quotes) There are 69 gilts available to trade on Order book for Retail Bonds Gilts are tradeable in denominations of 1000 or similar There are 3 market maker firms providing two way prices on ORB gilts Page 12

13 Contact us Order book for Retail Bonds Fixed Income Team Tel: +44 (0) Page 13

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