Order book for Retail Bonds Secondary Market Liquidity Report March 2016 Page 1
Order book for Retail Bonds Primary Issuance Page 2
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 1,000 500 - ORB dedicated issue amount outstanding 2010 2011 2012 2013 2014 Sep-15 Year Total Amount Outstanding 2010 75,200,000 2011 1,342,700,000 2012 2,853,700,000 2013 3,665,200,000 2014 4,191,200,000 2015 4,750,000,000 2016 YTD 5,080,000,000 Page 3
List of ORB dedicated bonds Page 4
List of ORB dedicated bonds ISIN Issuer name Issue Date Maturity (years) Coupon (%) Issue Amount Currency XS1275325758 RETAIL CHARITY BONDS PLC RETAIL CAF1 12/04/2016 10.0 5 20,000,000 GBP XS1379593566 ALPHA PLUS HOLDINGS PLC ALPHA PLUS ALP2 31/03/2016 8.0 5 80,000,000 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 Page 5
List of ORB dedicated bonds ISIN Issuer name Issue Date Maturity (years) Coupon (%) Issue Amount Currency 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 Page 6
List of ORB dedicated bonds ISIN Issuer name Issue Date Maturity (years) Coupon (%) Issue Amount Currency 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 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 GB00B3N3WC23 ROYAL BANK OF SCOTLAND PLC ROY.BK.SC.20 01/02/2010 10.0 5.1 50,000,000 GBP Page 7
ORB March statistics Page 8
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) XS0602217159 EUROPEAN INVESTMENT BANK EURO.I.BK.16 22,077,138 14 250 XS0604804194 LLOYDS BANK PLC LLOYDS BK 5.50% 8,647,094 18 224 XS0635014177 PLACES FOR PEOPLE CAPITAL MARKETS PLC PLACES PEO 5% 8,232,396 48 109 XS0678522490 NATIONAL GRID PLC NAT.GRID BD 21 7,359,950 162 133 XS0805454872 ICAP PLC ICAP 5.50% 6,602,015 161 207 XS1200576699 INTERMEDIATE CAPITAL GROUP PLC INT.CAP.GRP23 5,799,868 179 250 XS1018830270 PARAGON GROUP OF COMPANIES PLC PARGN 6.125% 5,790,995 248 266 XS0846486040 LONDON STOCK EXCHANGE GROUP PLC LON.STK.EX21 4,538,371 166 191 XS0780063235 TESCO PERSONAL FINANCE PLC TESCO PF 5% 4,040,222 232 182 XS1088905093 BURFORD CAPITAL PLC BURFORD 22 3,921,578 143 179 Page 9
Millions ( ) March highlights: On-book ORB dedicated bonds 6 350 5 4 3 2 1 300 250 200 150 100 50 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
Millions ( ) March highlights: Off-Book ORB dedicated bonds 160 6000 140 120 100 80 60 40 20 0 5000 4000 3000 2000 1000 0 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
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 3,186,567 175 116,434,801 4,712 119,621,368 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
Contact us Order book for Retail Bonds Fixed Income Team Email: bonds@lseg.com Tel: +44 (0)20 7797 3921 Page 13