The UK Retail Bond Market H Performance Update
|
|
- Cleopatra Stevens
- 8 years ago
- Views:
Transcription
1 1. Introduction The UK Retail Bond Market H Performance Update Over the last 6 months, 7 transactions have been launched in the retail bond market in the UK, raising 540 million - with a further issue by the EIB, for 350 million, launched and simultaneously listed on the ORB for the first time. These have taken two distinct forms: a. Negotiable securities (7 issues), with fixed/ floating rates of interest. They are i. listed on the London Stock Exchange, ii. actively traded on the ORB in small denominations (e.g. 100), iii. promoted through an active press campaign, and iv. broadly distributed to retail investors, generally using a wide range of retail stockbrokers and wealth managers. b. Non transferable loan stock (2 issues). These were: i. primarily targeted at a limited group of investors ii. enhanced yield through annual sales vouchers or higher interest rates for customers Both types of transaction met with exceptionally strong demand from a wide range of buyers many of them first time investors in the retail bond market. However, while the public issues were launched with the primary intention of developing a new and predictable source of cost effective funding, the transactions for John Lewis and Ecotricity had a further objective to tie investors into their mainstream businesses as long term customers. Q saw the first issue of a retail bond for a non financial corporate, opening the retail bond market as a new source of funding for the housing association sector. EVOLUTION DEBT ADVICE & ORIGINATION Adrian Bell adrian.bell@evosecurities.com Henrietta Podd henrietta.podd@evosecurities.com Morton Llewellyn morton.llewellyn@evosecurities.com
2 2. The development of the retail bond market in the UK Primary market performance volume There has been a steady increase in the demand for Sterling bonds from retail investors in the UK over the last 12 months. This is reflected in the volume of new issue activity over the first half of 2011, as compared with the performance over the comparable period a year earlier. This is set out below: Borrower Maturity Issue Size m Coupon % Completed H EIB Lloyds Provident Financial Places for People RBS RBS (FRN) Tesco Bank Completed H Provident Financial RBS This performance is all the more remarkable as it has occurred: a. during a period of major market disruption, with the Japanese earthquake and the Greek debt crisis b. when investors were uncertain over the future direction of the bond markets, and c. concerned over the outlook for inflation. It contrasts with the experience of the retail bond funds, where there has been a significant slowdown in subscriptions. Demand appears to be driven by a desire from retail investors to: a. enhance the income on their savings by extending up the maturity curve, b. protect their savings from inflation, c. diversify holdings out of term deposits with the mainstream UK banks, d. reduce risk by rebalancing portfolios between equity and debt, and
3 e. maximise income from tax efficient saving ISAs (including junior ISAs) and SIPPs, where the attractions of investment in fixed income securities increase as the marginal rate of tax rises. In some respects the preference reflects a trend that has been apparent in Europe and North America where retail investors have traditionally played a more important role in the bond market. Since 2008 they have been very active net buyers of bonds. Primary market performance distribution The retail bond distribution network has proved to be very broad, both in terms of the number of distributors and the number of underlying clients. The table below sets out the experience of three of the recent issues shows the breadth of demand, the wide range of distributors involved and the importance of tax free savings accounts. Average Number of Distributors Estimated Number of Underlying Clients 5,000 8,000 Average Ticket Size 15,000 Estimated % of Demand from ISAs/SIPPs 40% - 50% Source: Evolution Securities Secondary market performance With the number of issues trading on the ORB now standing at 146, including 94 corporate bonds, the market provides a wide range of investment options. Number of Issues on ORB Gilts Corps Supras Jun-10 Jun-11 Secondary trading in retail bonds has also increased markedly year on year, providing investors with real liquidity in an active marketplace.
4 ORB Corporate Turnover 250,000, ,000, ,000, ,000,000 50,000,000 0 Jun-10 Jun-11 The retail market trades in line with the institutional market, offering competitively priced debt as well as diversification of funding. Borrower Retail Bonds Maturity Issue Size 'm Coupon % Market Price Yield Spread to Mid Swap Spread to Wholesale EIB % 20 N/A Lloyds % Lloyds % Places for People % Provident Financial % Provident Financial % RBS % 242 N/A Tesco Bank % 180 N/A Wholesale Bonds Lloyds % 239 Places for People % 194 Provident Financial % 526 Tesco % 104
5 3. Market demand One of the major drivers behind the recent development of the retail bond market in the UK has been an increased focus amongst retail investors on tax efficient saving. While there is a limit on the size of annual subscriptions, SIPPs and ISAs now constitute the principal mechanism for saving for many individuals and often have accumulated values of 50, ,000. This is sufficient to justify holdings of between 10,000-25,000 in individual bonds, as a natural part of a balanced portfolio, focused on the development of tax efficient income. The smaller denominations available from retail issues are therefore crucial to attracting widespread demand. An indication of the potential size of the market is provided by the figures set out below: Retail Investment ( 'bn) Source NS&I NS&I Annual Report 2010 Term Deposits Bank of England April 2011 Bond Funds IMA 2011 Stocks & Shares ISAs & PEPs ONS Jan 2011 Cash ISAs ONS Jan 2011 SIPPs 90 (e) N/A Pension Management There is also, according to HSBC research, an additional 92bn of fixed rate deposit accounts which mature in As can be seen from the table above, the retail bond market in the UK has the capacity to expand rapidly in size over the next 5 years by attracting demand from existing savings instruments. This will lead to a substantial increase in the number of new investors in the market. We believe that, as a consequence, direct holdings of bonds will grow over the period to involve more than 1 million investors holding billion of bonds. This would not only make it a major new source of finance in the Sterling market, it would involve a substantial proportion of the existing retail customer base in the UK. Investment in individual bonds offers substantial benefits for these holders over a retail bond fund, namely: i. a predictable return
6 ii. iii. over a predictable period of time on a known credit. With the development of the ORB by the London Stock Exchange, holders also benefit from transparency on pricing in the secondary market and, through their brokers, access to liquidity. 4. Inflation linking Retail investors offer true diversity from the wholesale market as their investment decisions are based on different drivers. A crucial element to this is that they buy on the basis of coupon and running yield rather than spread. At present, the hurdle nominal fixed rate coupon is 5%, while the hurdle for real rates is 0%. Retail investors have few means of protecting their savings from inflation without taking a view on the equity or property markets. Their demand for such products has been well illustrated by demand for NS&I products which had to be withdrawn in 2010 and have seen strong demand so far in Some banks have offered RPI linked deposit accounts which have also been well subscribed, although their illiquidity and ISA-ineligibility is unattractive to many retail investors. Index linked gilts and corporate bonds offer an attractive solution to this problem for retail investors but there are currently few that they can access and these all trade substantially over par: Bonds and Gilts on ORB 3% 6% 11% Plain vanilla Inflation linked Index linked Step up 80% Feedback from Stockbrokers and Wealth Managers suggests that inflation linked retail bonds would be met with very strong demand. Corporates can take advantage of this strong demand to obtain attractively priced inflation linked debt.
7 Disclaimer This document is issued by Evolution Securities Ltd (ESL) (Incorporated in England No ), which is authorised and regulated in the United Kingdom by the Financial Services Authority (FSA) for designated investment business and is a member of the London Stock Exchange. This document is for information purposes only and should not be regarded as an offer or solicitation to buy the securities or other instruments mentioned in it. Expressions of opinions are those of the authors only and are subject to change without notice. No representation or warranty, either expressed or implied, is made nor responsibility of any kind is accepted by any Evolution Group company, its directors or employees either as to the accuracy or completeness of any information stated in this document. ESL and/or its officers, directors and employees may have or take positions in securities mentioned in this document (or in any related investment) and may from time to time dispose of any such securities (or instrument). ESL may sell or buy from customers on a principal basis and may also perform underwriting services for or relating to those companies. The stated price of any securities mentioned herein is as at the end of the business day immediately prior to the publication date on this document unless otherwise stated and is not a representation that any transaction can be effected at this price. No personal recommendation is being made to you; the securities referred to may not be suitable for you and should not be relied upon in substitution for the exercise of independent judgement. ESL shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only and only for distribution to professional and institutional investors, i.e. persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom, or persons who have been categorised by ESL as professional clients under the rules of the FSA. This document is being supplied to you solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. The material in this document is not intended for distribution or use outside the European Economic Area. This material is not directed at you if ESL is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. 100 Wood Street London EC2V 7AN Tel: 44 (0) Fax: 44 (0)
A strong year for retail bonds
A strong year for retail bonds The Orderbook for Retail Bonds (ORB) opened 1 February 2010, with the aim of promoting both a transparent secondary market in bonds for retail investors as well as developing
More informationUnderstanding inflation-linked bonds and indices
Understanding inflation-linked bonds and indices We believe in giving you the fundamental building blocks you need to construct diversified, risk-adjusted, goal-oriented portfolios for your clients. Inflation-linked
More information5 Year UK Growth Certificate
5 Year UK Growth Certificate The 5 Year UK Growth Certificate (the Certificate ) provides the opportunity to make a fixed return equal to 35.75% of the Issue Price (gross) on the Maturity Date. Whether
More informationInvestors Chronicle Roadshow 2011. Trading Bonds on the London Stock Exchange
Investors Chronicle Roadshow 2011 Trading Bonds on the London Stock Exchange Agenda How do bonds work? Risks associated with bonds Order book for Retail Bonds London Stock Exchange Website Tools 2 How
More informationNew Impala Bond Offering: Scottish Widows plc. September 2013
New Impala Bond Offering: Scottish Widows plc September 2013 pg 2 Agenda Performance of the existing Impala bonds: LSE 4.75% and Barclays 14% Floating Rate Notes Brief overview of Scottish Widows plc business
More informationINVEST IN BONDS WHY NOW IS THE TIME TO INVEST
Savings bonds Short or long term options offering great return AN INDEPENDENT SUPPLEMENT BY MEDIAPLANET Corporate bonds How can they fi t into your investment plans? A low risk option A safer investment
More informationThe Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY
The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight
More informationSpectrum Insights. Bond and stock market around the same size Australian bonds vs Australian stock market
Market capitalization $b Spectrum Insights Damien Wood, Principal JUNE 9, 2015 Corporate bonds often provides investors with an income stream that is above deposit rates, but less risky than dividends
More informationWelcome to ORB. London Stock Exchange s Order book for Retail Bonds
Welcome to ORB s Order book for Retail Bonds Driven by investor demand Increasing private investor focus on fixed income Bond funds saw record inflows in 2009 and 2010 Strong demand from UK private client
More informationTRADING BONDS ON THE LONDON STOCK EXCHANGE A GUIDE FOR PRIVATE INVESTORS. The new electronic order book for retail bonds
TRADING BONDS ON THE LONDON STOCK EXCHANGE A GUIDE FOR PRIVATE INVESTORS The new electronic order book for retail bonds Contents Introduction 3 What are bonds? 3 Bond basics 4 Types of bond issuer 5 Bond
More information6 % Information booklet. Retail Bond Offer fi xed to December 2020. The Paragon Group of Companies PLC. www.paragon-group.co.uk/group/retail-bond
Information booklet The Paragon Group of Companies PLC 13 February 2013 6 % Retail Bond Offer fi xed to December 2020 Lead Manager and Offeror Canaccord Genuity Limited Authorised Offerors Barclays Stockbrokers
More informationRisks of Investments explained
Risks of Investments explained Member of the London Stock Exchange .Introduction Killik & Co is committed to developing a clear and shared understanding of risk with its clients. The categories of risk
More informationGold BUGS Tracker. This product is available for UK residents only. Product information Classification. Index-linked Certificate Issuer
This product is available for UK residents only Gold BUGS Tracker The Gold BUGS Tracker (the Certificate ) tracks the performance of the NYSE Arca Gold BUGS Index (the Index ), less an annual management
More informationINVESTMENTS FOR LIVING. Introducing Lifestyle Portfolios
INVESTMENTS FOR LIVING Introducing Lifestyle Portfolios I WANT INVESTMENTS THAT GIVE ME FLEXIBILITY AND CHOICE Lifestyle Portfolios from Lloyds Bank International help you keep pace with the ever-changing
More informationInvestment Strategy for Pensions Actuaries A Multi Asset Class Approach
Investment Strategy for Pensions Actuaries A Multi Asset Class Approach 16 January 2007 Representing Schroders: Neil Walton Head of Strategic Solutions Tel: 020 7658 2486 Email: Neil.Walton@Schroders.com
More informationSpectrum Insights. Time to float. Why invest in corporate bonds? - Value
Spectrum Insights Damien Wood, Principal JUNE 25, 2015 Time to float Investing in floating rate bonds as opposed to fixed rate bonds helps protect bond investors from price slumps. Spectrum expects that
More informationPREMIER OIL PLC 5% BONDS DUE 2020
INFORMATION BOOKLET 25 November 2013 PREMIER OIL PLC 5% BONDS DUE 2020 Joint Lead Managers Barclays Canaccord Genuity Limited Lloyds Bank Authorised Offerors Barclays Stockbrokers Brown Shipley Canaccord
More informationA guide to getting started
The Association of Investment Companies A guide to getting started Find out what makes an investment company tick September 2014 www.theaic.co.uk The Association of To find out more, read our other guides
More informationDIVERSIFIED GROWTH FUNDS: DO THEY MEET EXPECTATIONS?
March 2015 DIVERSIFIED GROWTH FUNDS: DO THEY MEET EXPECTATIONS? In this paper, we ask two questions: Do DGFs meet their objectives? Is their performance good enough? What is a Diversified Growth Fund?
More informationACF morning workshop. Is your investment committee asking the right questions?
ACF morning workshop Is your investment committee asking the right questions? Contents 1. Why would a charity want to consider a total return investment policy? What do we mean by total return? 2. Finding
More informationSchroders Investment Trust ISA
April 2016 Key Features of the Schroders Investment Trust ISA The Financial Conduct Authority is the independent financial services regulator. It requires us, Schroders, to give you this important information
More informationInvestment Bond. Funds key features. This is an important document. Please keep it safe for future reference.
Investment Bond Funds key features. This is an important document. Please keep it safe for future reference. 2 WHAT ARE THE FUNDS KEY FEATURES? This document is part of the information we provide you to
More informationHMT Discussion paper on non-bank lending
17 February 2010 By e-mail to: non-banklending@hmtreasury.gsi.gov.uk Dear Sirs HMT Discussion paper on non-bank lending The IMA represents the UK-based investment management industry. Our members include
More informationInvestment matters. Smart guide #3 Getting your fair share
Investment matters Smart guide #3 Getting your fair share Produced in partnership with Shares magazine The value of investments can fall as well as rise and any income from them is not guaranteed and you
More informationM&G HIGH INCOME INVESTMENT TRUST P.L.C
This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available
More informationA simple solution to the investment puzzle. Multi-asset Funds. Ready-made investment funds matched to your attitude to risk
A simple solution to the investment puzzle Multi-asset Funds Ready-made investment funds matched to your attitude to risk Contents Why Aviva Investors? 2 A simple solution to investing 3 Are these funds
More informationWhy might charities invest in commercial property?
Why might charities invest in commercial property? James Lloyd Business Development Director Sarah Bate Director of Research and Investment Strategy Agenda Today s investment landscape the case for investing
More informationBest Practice framework EGB Market
Best Practice framework EGB Market Mathieu Gaveau ECB Bond Market Contact Group, 21 October 2014 EGBs: Primary Dealership Secure System The system of Primary Dealerships supports security, stability and
More informationOrder book for Retail Bonds. Efficiency and transparency in trading bonds for private investors
Order book for Retail Bonds Efficiency and transparency in trading bonds for private investors We aim to respond to private investor demand by offering a cost-effective, transparent and efficient mechanism.
More informationTransact Guide to Investment Risks
Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates
More informationStructured products. Precision tools. A guide for private investors.
Structured products Precision tools. A guide for private investors. Structured products are listed securities available for trading on London Stock Exchange s regulated Main Market. Structured products
More informationPreference shares their place within an income portfolio
Preference shares their place within an income portfolio Disclaimer General disclosures This research is commissioned by our clients and only released for general circulation with their permission. This
More informationA guide to INVESTMENT TRUSTS. We ve been investing successfully since 1888. We re on the right course to invest for generations.
A guide to INVESTMENT TRUSTS We ve been investing successfully since 1888. We re on the right course to invest for generations. 2 A guide to Investment Trusts Contents 3 Investment Trusts explained 4 Differences
More informationOUR FUND RANGE AND INVESTMENTS. e-investments
OUR FUND RANGE AND INVESTMENTS e-investments Why is it important to read this document? This document explains our investments, the funds available, how they are managed, their objectives and the associated
More informationInvesting in Bonds challenges and opportunities in 2015
For Financial Brokers and Advisors Only Investing in Bonds challenges and opportunities in 2015 March 2015 Andy Ivory-Corr, QFA, Grad Dip, CFP Head of Investments New Ireland Assurance What exactly is
More informationETFs for private investors
ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging
More informationUnderstanding Fixed Income
Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding
More informationAccess Transparency Income Exchange Traded Bond Units
FIXED INCOME FOR ALL INVESTORS Access Transparency Income Exchange Traded Bond Units Exchange Traded Bond Units (XTBs) offer a new and exciting fixed income investment opportunity for all investors. XTBs
More informationETPs for private investors
ETPs for private investors Simple products. Sophisticated strategies. ETPs Exchange Traded Products (ETPs) such as Exchange Traded Commodities (ETCs) and Exchange Traded Notes (ETNs) are listed exchange
More informationSHAREVIEW. Your guide. to tax planning for your Sharesave maturity. Keeping it simple
SHAREVIEW Your guide to tax planning for your Sharesave maturity Keeping it simple Typically, when a Sharesave contract matures and the options are exercised, no tax liability is incurred at that stage.
More informationA Guide to Property Investment Options
A Guide to Property Investment Options Background The UK property market is still in favour with both UK and International investors, with London being targeted in particular. Annual investment in UK property
More informationUK debt and the Scotland independence referendum
UK debt and the Scotland independence referendum The transfer of debt 1.1 In the event of Scottish independence from the United Kingdom (UK), the continuing UK Government would in all circumstances honour
More informationJustifying the investment budget
Justifying the investment budget Professional Pensions DC Conference, 12 April 2016 Tim Horne DC Investment Solutions Manager, Schroders For professional investors only. This material is not suitable for
More informationThe table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:
Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
More informationPremier UK Money Market Fund
Premier UK Money Market Fund Fund Update - First Quarter 2013 MONEY MARKET The Premier UK Money Market Fund Need to know The Fund s Four Essential Characteristics: Aims to maximise returns from money market
More informationIndividual Savings Account Fund menu
Individual Savings Account Fund menu This fund menu lists all the funds available on our Individual Savings Account (ISA). Your financial adviser will be able to help you choose the right combination of
More informationExchange Traded Funds. Reasons to Consider. For professional clients only
Exchange Traded Funds Reasons to Consider For professional clients only Exchange Traded Funds (ETFs) have been designed to provide low-cost and transparent access to the world s markets, combining the
More informationGuide to Risk and Investment
www.canaccord.com/uk Guide to Risk and Investment Any investment involves a degree of risk and some investments are more risky than others. Whether this is the first time you have considered investing,
More informationInvestment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?
Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income
More informationFOR PROFESSIONAL INVESTORS ONLY
GENER ATING Our Income Fund range RL Corporate Bond Fund RL Global High Yield Bond Fund RL Sterling Extra Yield Bond Fund RL UK Equity Income Fund FOR PROFESSIONAL INVESTORS ONLY, 1NOT SUITABLE FOR RETAIL
More informationWhat is an ISA and what benefits does it offer me? 3. What you have to do as an ISA investor 3
SIPP ISA Dealing Junior ISA ISA key features The Financial Conduct Authority is the independent financial services regulator. It requires us, AJ Bell Securities Limited, to give you this important information
More informationSeeking Alternatives. Senior loans an innovative asset class
Trends 09 10.11 Seeking Alternatives Senior loans an innovative asset class Dirk Wieringa, Alternative Investments Advisory Senior loans are an innovative asset class that provide a hedge against rising
More informationJPMorgan Senior Secured Loan Fund Limited
JPMorgan Senior Secured Loan Fund Limited FOR PROFESSIONAL CLIENTS ONLY OCTOBER 2013 JPMorgan Senior Secured Loan Fund Limited New closed-ended company with focus on income from a portfolio of senior secured
More informationA Guide to Tax Efficient Investments
A Guide to Tax Efficient Investments Need some help? Please contact your local office if you have any questions: London 020 7009 4900 Blackpool 01253 621 575 Bangor 01248 353 242 Carlisle 01228 515 224
More informationGuide to Building Your Wealth. 1. What affects the value of money?
Guide to Building Your Wealth 1. What affects the value of money? Money has a tendency to lose its value over time because the price of goods and services usually goes up. This is called inflation. Here
More informationAbsolute return: The search for positive returns in changing markets
Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What
More informationShare Capital Increase
Share Capital Increase Additional Information Pack Part 2 July 2014 Table of contents Margins and profitability - Interest earning assets decomposition 3 Asset quality - Recovery analysis 4 Capital - Q2
More informationCASE STUDY. Northern Ireland Electricity Pension Scheme. Providing and Implementing a new Investment Strategy WORLDWIDE SECURITIES SERVICES
CASE STUDY Northern Ireland Electricity Pension Scheme Providing and Implementing a new Investment Strategy WORLDWIDE SECURITIES SERVICES NORTHERN IRELAND ELECTRICITY PENSION SCHEME CASE STUDY Company
More informationETFs and Index Funds. Similarities and Differences. For professional clients only
ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index
More informationETFs and Index Funds. Similarities and Differences. For professional clients only
ETFs and Index Funds Similarities and Differences For professional clients only Most Exchange Traded Funds (ETFs) and index tracker funds share a common aim. That is, to match the performance of the index
More informationInterest Only Expiry. July 2013
Interest Only Expiry July 213 Regulation on Interest Only Regulation requires residential borrowers to amortise within 3 years even if the loan to value ratio is below the regulatory maximum of 8 percent
More informationSpreading investment risk
1 Spreading investment risk Spreading investment risk Why and how should I diversify my assets? 1 Spreading investment risk Contact: Doug Steevens FIA Portfolio Manager +44 (0)20 7086 9312 douglas.steevens@aonhewitt.com
More informationInvestment Education Series
Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,
More informationResponse to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS )
Association for Financial Markets in Europe Response to European Commission Consultation Document on Undertakings for Collective Investment in Transferable Securities ( UCITS ) 24 October 2012 The Association
More informationSchedule of Allowable Investments
Schedule of Allowable Investments for the Suffolk Life MasterSIPP This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule
More informationfor Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products.
More informationRBS Stakeholder Investment Fund ICVC. Annual Short Report. for the year ended 31 March 2015
RBS Stakeholder Investment Fund ICVC Annual Short Report for the year ended 31 March 2015 Table of Contents Report of the Authorised Corporate Director 1 Economic and Market Overview 2 Statistics 3 Major
More informationMaturity The date where the issuer must return the principal or the face value to the investor.
PRODUCT INFORMATION SHEET - BONDS 1. WHAT ARE BONDS? A bond is a debt instrument issued by a borrowing entity (issuer) to investors (lenders) in return for lending their money to the issuer. The issuer
More informationInternational. Information booklet 16 April 2013. 6.125% Sterling Fixed Rate Bonds Due 2020
Information booklet 16 April 2013 International 6.125% Sterling Fixed Rate Bonds Due 2020 Lead Manager and Authorised Offeror Canaccord Genuity Limited Authorised Offerors Any decision to purchase or sell
More informationWhat can property offer an institutional investor?
What can property offer an institutional investor? UK property investment briefing (Paper 1) 27 January 2014 Contents 1. A relatively high and stable income return.... 3 2. Volatility... 4 3. Diversification
More informationFor professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund
May 2016 For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund Improving the DC journey Members in a defined contribution (DC) pension scheme
More informationONLINE INVESTMENTS OUR FUND RANGE AND INVESTMENTS.
ONLINE INVESTMENTS OUR FUND RANGE AND INVESTMENTS. Why is it important to read this document? This document explains the funds available for you to invest in through our Investment ISA, which is a Stocks
More informationSimplified Prospectus as at 1 January 2012. Threadneedle Investment Funds III ICVC Retail Class
Simplified Prospectus as at 1 January 2012 Threadneedle Investment Funds III ICVC Retail Class Threadneedle Investment Funds III ICVC Retail Simplified Prospectus 1 Contents 1. INTRODUCTION 2 2. FUND INFORMATION
More informationDisclosure Document Morningstar High Growth Portfolio
Disclosure Document Morningstar High Growth Portfolio Managed Portfolio Disclosure Document for investors investing through the IDPS operated by HUB24 Custodial Services Ltd (HUB24) dated 1 December 2015,
More informationIndustrial & Infrastructure Fund Investment Corporation (Tokyo Stock Exchange Company Code: 3249) News Release February 17, 2009
Industrial & Infrastructure Fund Investment Corporation (Tokyo Stock Exchange Company Code: 3249) News Release February 17, 2009 First Issue of Unsecured Subordinated Corporate Bonds Industrial & Infrastructure
More information6.50% Bonds due 2022. Burford Capital PLC. Information Booklet 21 July 2014. Lead Manager Canaccord Genuity Limited
Information Booklet 21 July 2014 6.50% Bonds due 2022 Burford Capital PLC The information contained herein may only be released or distributed in the UK, Jersey, the Bailiwick of Guernsey and the Isle
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationAn easy way of investing offshore
A JSE / Deutsche Bank initiative An easy way of investing offshore Exchange Traded Funds ETFs Itrix DJ EURO STOXX 50 Itrix FTSE 100 Itrix ETFs allow you to Diversify your investment portfolio offshore
More informationVanguard UK Short-Term Investment Grade Bond Index Fund
Vanguard UK Short-Term Investment Grade Bond Index Fund May 2013 LAUNCH BRIEFING Fund summary The Vanguard UK Short-Term Investment Grade Bond Index Fund expands the low-cost asset allocation building
More informationHow should I invest my Pension/Investment money? Thank you to AXA Wealth for their contribution to this guide.
How should I invest my Pension/Investment money? Thank you to AXA Wealth for their contribution to this guide. www.increaseyourpension.co.uk Welcome to making investing simple Investing doesn t have to
More informationQUICK GUIDE TO ISAs 2014/2015
INDIVIDUAL SAVINGS ACCOUNTS 2014/2015 An Individual Savings Account (ISA) is not an investment in its own right rather it is a type of account that can be used to undertake tax-advantageous investment.
More informationFX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010
FX Strategies In the Low Yield Environment Eddie Wang Head of FX Structuring, Asia Hong Kong October 2010 Contents 01 Key Trends 02 FX Hedging Strategies 03 FX Investment Strategies SECTION 01 Key Trends
More informationRetail Bond Conference
Retail Bond Conference Brown Shipley 20 February 2013 Wealth well managed Not to be circulated to Retail Investors Today s Speakers Gillian Walmsley Michael Dyson Kevin Doran Head of Fixed Income Products
More informationFactsheet Phoenix Autocallable Notes April 2012
This information is intended for investment professionals only and should not be provided to or relied upon by retail investors in any circumstances. Investment Guide for Income Builder December 2011 www.gilliat.co.uk
More informationHow To Invest In Stocks And Bonds
Review for Exam 1 Instructions: Please read carefully The exam will have 21 multiple choice questions and 5 work problems. Questions in the multiple choice section will be either concept or calculation
More informationChapter 12. Page 1. Bonds: Analysis and Strategy. Learning Objectives. INVESTMENTS: Analysis and Management Second Canadian Edition
INVESTMENTS: Analysis and Management Second Canadian Edition W. Sean Cleary Charles P. Jones Chapter 12 Bonds: Analysis and Strategy Learning Objectives Explain why investors buy bonds. Discuss major considerations
More informationWriting your charity s investment policy A guide
Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment
More informationThe Royal Bank of Scotland plc
5 October 2011 The Royal Bank of Scotland plc (Incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980, registered number SCO90312) 200 Put Warrants linked to the performance
More informationSaving and Investing in ISAs
Saving and Investing in ISAs ISAs are often referred to as tax wrappers. This means that you pay no tax, or less tax than usual, on the income you earn or on the profits you may make on your investments.
More informationBusiness. Insights. When cash is king. Investec Editorials
Business Insights Investec Editorials When cash is king Shelter from the storm Where do investors turn in times of uncertainty? What investment options can provide shelter from the ongoing volatility?
More information1. General Obligation Bonds (G.O.s): Bonds backed by the full taxing power of the issuer.
S&P INDICES Fixed Income February 2010 S&P Fixed Income Indices: Municipal Bond Investor Tool Kit Key Terms Alternative Minimum Tax (AMT): An extra tax that some taxpayers are required to pay in addition
More informationCGWM Total Return Bond Fund
To us there are no foreign markets. TM CGWM Total Return Bond Fund Supplement dated 6 October 2015 to the Prospectus dated 6 October 2015 This Supplement contains specific information in relation to the
More informationQE s impact on pension fund liabilities. Mark Gull, Co-Head of ALM Pension Corporation December 2011
QE s impact on pension fund liabilities Mark Gull, Co-Head of ALM Pension Corporation December 2011 Summary Pension Corporation has previously estimated that QE1 increased UK pension fund deficits by 74
More informationManaging FX Risk when trading with Australia. Mark Coulam Senior Manager, Treasury Solutions.
Managing FX Risk when trading with Australia Mark Coulam Senior Manager, Treasury Solutions. Reducing Volatility in your business What does your business have exposure to? Where does it occur? Quantify
More informationEuropean Commercial Real Estate Finance 2015 Update
VIEWPOINT CBRE Capital Advisors analysis of trends in Europe s debt market European Commercial Real Estate Finance 2015 Update Highlights A year on from our last review, we have updated our European Debt
More informationRichard Stone comments on today s Summer budget announcement
press release 09 July 2015 Richard Stone comments on today s Summer budget announcement Richard Stone, Chief Executive of The Share Centre, one of the UK s leading independent retail stockbrokers, issued
More informationOld Burlington Investments AIM Growth Fund. Trusted Alternatives
Old Burlington Investments AIM Growth Fund Trusted Alternatives April 2013 Why Old Burlington Investments? Old Burlington Investments is a new alternative investment boutique Led by Brett Williams, former
More informationTetragon Financial Group Limited ( TFG )
Tetragon Financial Group Limited ( TFG ) 29 October, 2012 THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE ANY SECURITY OF TFG. THIS INFORMATION
More information