Order book for Retail Bonds
(ORB)
August 2016
Page 1
ORB
Page 2
— In February 2010, London Stock Exchange launched its new electronic, order-driven
trading service bond market for retail investors – the Order book for Retail Bonds (ORB)
— ORB aims to offer retail investors efficient access to an on-screen secondary market in
London-listed corporate, UK Government and Supranational debt instruments.
— ORB was modelled on Borsa Italiana’s MOT, the most successful and liquid electronic
bond market in Europe.
Launch of ORB
Page 3
“ORB is suitable for businesses of all
sizes and across all sectors, helping them
tap into a new pool of capital outside of
the traditional wholesale markets.”
Xavier Rolet, Chief Executive, LSEG
Establish a primary market for distribution of dedicated retail bonds
Open up new sources of capital for companies seeking to diversify their funding
Develop an efficient transparent secondary market in bonds for UK investors.
Aim
of
OR
B
£0.2bn
£1.5bn
£3.2bn
£4.0bn
£4.5bn
£4.9bn £4.9bn
2010 2011 2012 2013 2014 2015 2016
Open interest of ORB dedicated issues
Primary Market - Growing Peer Group
55 ORB dedicated issues
£5.2bn Raised since launch
33 Different ORB Issuers
6 Taps of existing issues
+65.3% CAGR
(2010-2016)
The ORB market has grown
rapidly in the last 6 years since
launch
Page 4
Secondary Market - Liquidity on the Order book
106 Corporate bonds,
including 4
supranationals
69 Gilts on ORB
UKGT segment
£800m+ Value traded in
H1 2016
7 Market Makers
providing all-day
liquidity
• ORB is a new market model introduced by
London Stock Exchange which allows investors
to see prices on-screen and trade in bonds in a
similar way as they have always done with
shares
• Widening investor base - increasingly strong
demand for retail bonds from retail brokers,
wealth managers and private investors as well
as institutional investors.
Example: Ladbrokes 5.125% 2022 Bonds
The screen below shows the typical view for ORB, outlining the various
quotes in the market at any one time via a number of market makers.
In this way, ORB offers the functionality to see up-to-date pricing and
trading data.
Page 5
Benefits of
Listing and
Investing in
ORB
Liquid, Transparent & Well Respected Market
Alternative
source of
funding
• Issuing retail bonds onto ORB,
issuers are able to tap into a
new source of funding and
diversify into a new pool of
retail liquidity. A retail bond can
either be an alternative source
of funding or complement
existing channels
Flexibility
• ORB offers greater flexibility for
issuers as the size of a retail
bond can be tailored to meet
issuers’ particular needs; issue
sizes on the ORB have ranged
from £11 million to benchmark
sized deals of £300million
Structure
• Retail bonds are characterised
by simple structures, including
fixed, floating and index linked
bonds
Transparency
• Continuous tradable prices on-
screen allows investors to
easily monitor the value of their
bond portfolio and also make it
easier for issuers to infer the
exact current yield on their
bonds at any time.
Regulatory
Supervision
• ORB is an EU regulated market
monitored by London Stock
Exchange’s Market Supervision
team
Liquidity
• On-book liquidity growing fast as
a consequence of tightening
average spreads. This also
drives demand in the primary
market, giving investors
confidence that they will be able
to trade out easily if they need to
Page 6
Building a Community to Support Growth
ORB is currently supported by seven market makers:
• We continue to work with market partners
supporting them with PR and marketing
activity to further develop ORB
• Dedicated partner logos may be displayed
by participants
• Listing Fee Waiver for debt securities
issued by Charities
• Dedicated Retail Charity Bond segment
Corporate
Bond Range
Gilts
Range of
Corporate
Securities
Gilts &
Corporates
Page 7
Elevated Profile - Reduced Cost of Capital
ORB regularly features in key media publications, thus increasing the profile of the issuance which reduces
cost of capital in the long term due to heightened investor demand
Page 8
ORB Case Studies
Page 9
Company Details
Company London Stock Exchange Group
Market Main Market
Sector Financials
Rating Baa1 / BBB+
Transaction Details
Issue Date 05 Nov 2016
Issue Size GBP 300 million
Coupon 4.75%
Maturity 9 years
Company profile
— London Stock Exchange Group (LSE.L) is a
diversified international exchange Group that
sits at the heart of the world's financial
community. The Group can trace its history
back to 1801.
— The Group operates a broad range of
international equity, bond, derivatives,
clearing and indexing markets, including
London Stock Exchange, Borsa Italiana, MTS,
Turquoise, LCH Group, CC&G, Monte Titoli
and FTSE Russell
— In addition to the Group’s own markets, over
35 other organisations and exchanges use the
Group’s MillenniumIT trading, surveillance
and post trade technology.
Debt issuance story
— The market is not limited to small issues and
can also accommodate larger issue sizes.
This is the largest corporate bond to be
issued through London Stock Exchange’s
Order Book for Retail Bonds (ORB) to date.
— Authorised Distributors: Barclays
Stockbrokers, Charles Stanley, Killik & Co.,
Halifax Share Dealing, Hargreaves
Lansdown, Numis Securities, Peel Hunt,
Redmayne-Bentley LLP, Selftrade, Shore
Capital, Smith and Williamson, and
Stocktrade.
— Joint Leads: Barclays, Lloyds, RBS
Page 10
Using retail bonds to finance a benchmark size transaction
Appendix (data sets)
Page 11
Retail Bonds on London Stock Exchange
ORB-dedicated bonds Listed on London Stock Exchange
Page 12
ISIN Security Description Issue Date Maturity
(yrs) Coupon Amount Currency
XS1391063424 BURFORD CAPITAL PLC 6.125% 26/04/2016 8.0 6.1 £100,000,000 GBP
XS1386668591 RETAIL CHARITY BONDS PLC 5% BDS CAF1 12/04/2016 10.0 5.0 £30,000,000 GBP
XS1379593566 ALPHA PLUS HOLDINGS PLC 5.00% SEC STG BDS 31/03/2016 8.0 5.0 £130,000,000 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
Retail Bonds on London Stock Exchange
ORB-dedicated bonds Listed on London Stock Exchange
Page 13
ISIN Security Description Issue Date Maturity
(yrs) Coupon Amount Currency
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
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
Retail Bonds on London Stock Exchange
ORB-dedicated bonds Listed on London Stock Exchange
Page 14
ISIN Security Description Issue Date Maturity
(yrs) Coupon 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
GB00B3YYW134 ROYAL BANK OF SCOTLAND 07/11/2011 7.0 2.0 £20,000,000 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
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 15
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS1391063424 Burford Capital Plc 05/04/2016 6.125 F £90m Canaccord Genuity /
Peel Hunt
Redmayne-Bentley LLP, Barclays Stockbrokers,
Equiniti Financial, Services Limited, AJ Bell
Securities, Alliance Trust Savings Limited, TD
Direct Investing (Europe) Limited, Smith &
Williamson
Ogier Allen & Overy
XS1386668591 Retail Charity Bonds plc
(Charities Aid Foundation) 04/04/2016 5 F £30m Canacord Genuity
AJ Bell YouInvest, Interactive Investor,
Redmayne Bentley, Shareview, Selftrade, Saga
Share Direct Linklaters Allen & Overy
XS1379593566 Alpha Plus Holding Plc 31/04/2015 5 F £130m Canacord Genuity/Peel
Hunt Llp
Interactive Investor/Redmayne Bentley
LLP/Barclays Stockbrokers/AJ Bell
Youinvest/Shareview/Sellftrade/Saga Share
Direct
Freshfields Allen & Overy
XS1275325758 The Paragon Group Of
Companies PLC 28/05/2015 6.125 F £125m
Barclays Bank PLC /
Canacord Genuity
Limited
Barclays Stockbrokers Limited, Brown Shipley,
Canaccord Genuity Wealth, Interactive Investor,
Killik & Co LLP, Redmayne-Bentley LLP,
Selftrade (Talos Securities Limited), Smith &
Williamson
Clifford
Chance Allen & Overy
XS1221940510 Wasps Finance plc
06/05/2015 6.5 F £35m Investec Bank plc
Barclays Stockbrokers, Interactive Investor,
Redmayne-Bentley Stockbrokers Kennedys
Law Linklaters
XS1200788369 Retail Charity Bonds plc
(Hightown Praetorian) 01/05/15 4.4 F £27m
Canaccord Genuity
Limited
Interactive Investor, iDealing.com, Redmayne-
Bentley LLP Linklaters Allen & Overy
XS1209091856 Provident Financial plc 27/03/13 5.125 F £60.0m Barclays Bank plc /
Numis Securities Limited
Barclays Stockbrokers, Interactive Investor,
Redmayne-Bentley LLP Allen & Overy Linklaters
XS1200576699 Intermediate Capital Group
plc 24/03/15 5 F £160.0m
Canaccord Genuity
Limited Interactive Investor, Redmayne-Bentley LLP Ashurst Linklaters
XS1112834608 Eros International Plc 16/10/14 6.5 F £50m Investec Bank plc
Barclays Stockbrokers, Interactive Investor,
Redmayne-Bentley LLP, Selftrade, Smith &
Williamson
Allen & Overy Linklaters
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 16
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS1103286305 A2D Funding II Plc 01/10/14 4.5 F £150m Canaccord Genuity
Limited / Lloyds Bank plc
Barclays Stockbrokers, Interactive Investor,
Redmayne-Bentley LLP, Selftrade
Devonshires
Solicitors Allen & Overy
XS1088905093 Burford Capital plc 20/08/14 6.5 F £90.0m Canaccord Genuity
Limited
Barclays Stockbrokers, Canaccord Genuity
Wealth, Interactive Investor, Redmayne-Bentley
LLP, Selftrade, Smith & Williamson
Ogier,
Freshfields Allen & Overy
XS1066485902 Retail Charity Bonds plc
(MCAP) 30/07/14 4.375 F £11.0m
Canaccord Genuity
Limited
Barclays Stockbrokers, Interactive Investor,
iDealing.com, Redmayne-Bentley LLP Linklaters Allen & Overy
XS1066478014 Ladbrokes Group Finance
plc 17/06/14 5.125 F £100.0m
Barclays Bank plc /
Canaccord Genuity Ltd /
Lloyds TSB Bank plc
Barclays Stockbrokers, Canaccord Genuity
Wealth, Killik & Co, Redmayne-Bentley LLP,
Smith & Williamson
Slaughter and
May Linklaters
XS1018830270 The Paragon Group of
Companies PLC 30/01/14 6.125 F £125m
Canaccord Genuity
Limited
Barclays Stockbrokers Limited, Brown Shipley,
Canaccord Genuity Wealth, Interactive Investor,
Killik & Co LLP, Redmayne-Bentley LLP,
Selftrade (Talos Securities Limited), Smith &
Williamson
Clifford
Chance Allen & Overy
XS0997703250 Premier Oil plc 11/12/13 5 F £150m
Barclays Bank plc /
Canaccord Genuity Ltd
/ Lloyds TSB Bank plc
Barclays Stockbrokers Limited, Brown Shipley,
Canaccord Genuity Wealth, Killik & Co LLP,
Redmayne-Bentley LLP, Selftrade (Talos
Securities Limited), Smith & Williamson
Slaughter
and May Linklaters
XS0975865949 A2D Funding Plc 21/10/13 4.75 F £150m
Canaccord Genuity
Limited / Lloyds Bank
plc
Barclays Stockbrokers Limited, Interactive
Investor Trading Ltd, Redmayne-Bentley LLP
Herbert
Smith
Freehills
Allen &
Overy
XS0947705215 Bruntwood Investments plc 25/07/13 6 F £50m Investec Bank plc
Barclays Stockbrokers Limited, Brown Shipley,
Interactive Investor Trading Ltd, Killik & Co
LLP, Redmayne-Bentley LLP, Selftrade (Talos
Securities Limited)
Freshfields Linklaters
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 17
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS0942129957 Helical Bar plc 25/06/13 6 F £80m Numis Securities
Limited
Barclays Stockbrokers Limited, Killik & Co.,
NCL Investments Limited, Redmayne Bentley
LLP, Selftrade (Talos Securities Limited), WH
Ireland Limited
Mayer
Brown Intl. Linklaters
XS0919406800 International Personal
Finance plc 08/05/13 6.125 F
£101.5
m
Canaccord Genuity
Limited
Brown Shipley, Collins Stewart Wealth
Management, Interactive Investor, Killik & Co.,
Redmayne-Bentley LLP, Selftrade, Smith and
Williamson Securities
Slaughter
and May Linklaters
XS0900863084 Provident Financial plc 27/03/13 6 F £65.0m
Barclays Bank plc /
Lloyds TSB Bank plc /
Royal Bank of Scotland
Barclays Stockbrokers, Collins Stewart Wealth
Management, Hargreaves Lansdown, Killik &
Co., Redmayne-Bentley LLP, Selftrade, Smith
and Williamson Securities
Allen &
Overy Linklaters
XS0891023086 The Paragon Group of
Companies PLC 03/03/13 6 F £60.0m
Canaccord Genuity
Limited
Barclays Stockbrokers, Collins Stewart Wealth
Management,Interactive Investor, Redmayne-
Bentley LLP, Selftrade, Smith and Williamson
Securities
Clifford
Chance
Allen &
Overy
XS0880578728 EnQuest PLC 15/02/13 5.5 F £155m Numis Securities
Limited
Barclays Stockbrokers Ltd, Brown Shipley,
Killik & Co, Redmayne-Bentley LLP, RIA
Capital Markets, Selftrade (Talos Securities
Ltd), Smith & Williamson Securities,
Stocktrade (Brewin Dolphin Ltd)
Ashurst Linklaters
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 18
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS0853358801 Alpha Plus Holdings plc 19/12/12 5.75 F £48.5m Canaccord Genuity
Limited
Collins Stewart Wealth Management,
Interactive Investor, Peel Hunt LLP, RM
Capital Markets Ltd, Selftrade (Talos
Securities Ltd), Shore Capital, Smith and
Williamson Securities
Freshfields Allen &
Overy
XS0856594642 UNITE Group plc 12/12/12 6.125 F £90m
Investec Bank plc /
Numis Securities
Limited.
Barclays Stockbrokers Ltd, Brown Shipley,
Killik & Co, Pilling & Co Stockbrockers,
Redmayne-Bentley LLP, Selftrade (Talos
Securities Ltd), Smith & Williamson Securities,
Stocktrade (Brewin Dolphin Ltd)
Osborne
Clarke Linklaters
XS0859261520 Tullett Prebon plc 11/12/12 5.25 F £80m Lloyds TSB Bank plc /
Royal Bank of Scotland
Barclays Stockbrokers, Collins Stewart Wealth
Management, Halifax Share Dealing, Killik &
Co, Redmayne-Bentley LLP, Selftrade, Smith
and Williamson Securities, Stocktrade
Allen &
Overy Linklaters
XS0841076465 St Modwen Properties plc 08/11/12 6.25 F £80m
Investec Bank plc /
Numis Securities
Limited.
Barclays Stockbrokers, Killik & Co, Peel Hunt,
Redmayne Bentley, Selftrade, Smith and
Williamson, Stocktrade, WH Ireland
Mayer
Brown Intl. Linklaters
XS0846486040 London Stock Exchange
Group plc 02/11/12 4.75 F £300m
Barclays Bank plc /
Lloyds TSB Bank plc /
Royal Bank of Scotland
Barclays Stockbrokers, Charles Stanley,
Halifax Sharedealing, Hargreaves Lansdown,
Killik & Co, Numis Securities, Peel Hunt,
Redmayne Bentley, Selftrade, Shore Capital,
Smith and Williamson, Stocktrade
Freshfields Allen &
Overy
XS0832324981 Workspace Group plc 10/10/12 6 F £58m
Investec Bank plc /
Numis Securities
Limited.
Barclays Stockbrokers, Brewin Dolphin, Killik &
Co, Redmayne Bentley, Selftrade
Norton
Rose Linklaters
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 19
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS0827693663 Beazley plc 25/09/12 5.375 F £75m Lloyds TSB Bank plc /
Numis Securities Ltd
Barclays Stockbrokers, Halifax Sharedealing,
Killik & Co, Redmayne Bentley, Selftrade,
Stocktrade
Mayer
Brown Intl. Linklaters
XS0818634668 Intermediate Capital Group
plc 20/09/12 6.25 F £80m
Canaccord Genuity
Limited
Barclays Stockbrokers, Charles Stanley,
Collins Stewart, Killik & Co, Redmayne
Bentley, Selftrade, Smith and Williamson,
Stocktrade, WH Ireland
Ashurst Linklaters
XS0820711215 CLS Holding 12/09/12 5.5 F £65m Canaccord Genuity
Limited
Barclays Stockbrokers, Collins Stewart, Peel
Hunt, Redmayne Bentley, Selftrade, Smith and
Williamson, Stocktrade, WH Ireland
Travers
Smith Linklaters
X0805454872 ICAP 31/07/12 5.5 F £125m Lloyds TSB Bank plc /
Royal Bank of Scotland
Barclays Stockbrokers, Charles Stanley,
Halifax Sharedealing, Killik & Co, Peel Hunt,
Redmayne Bentley, Selftrade, Stocktrade
Clifford
Chance
Allen &
Overy
XS0795445823 Primary Health Properties
plc 24/07/12 5.375 F £75m
Independent Debt
Capital Markets
Barclays Stockbrokers, Killik & Co, Mirabaud
Securities, Peel Hunt, Redmayne Bentley,
Selftrade, Winterflood
Nabarro Allen &
Overy
XS0796078193 Severn Trent plc 11/07/12 1.3 IL £75m Investec Bank plc /
Barclays Bank plc
Barclays Stockbrokers, Charles Stanley, Killik
& Co, Redmayne Bentley, Selftrade, Smith &
Williamson, Stocktrade, Williams de Broe
Herbert
Smith
Allen &
Overy
XS0780063235 Tesco Personal Finance
plc 21/05/12 5 F £200m
Investec Bank plc /
Barclays Bank plc
Barclays Stockbrokers, Charles Stanley, Killik
& Co, Redmayne Bentley, Selftrade, Smith &
Williamson, Stocktrade (Brewin Dolphin),
Williams de Broe
Freshfields Allen &
Overy
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 20
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS0762418993 Provident Financial plc 04/04/12 7 F £120m Investec Bank plc /
Barclays Bank plc
Barclays Stockbrokers, Killik & Co, Redmayne
Bentley, Selftrade, Smith & Williamson,
Stocktrade (Brewin Dolphin), Williams de Broe
Allen &
Overy Linklaters
XS0731910765 Places for People Capital
Markets 31/01/12 1 IL £40m
Investec Bank plc/
Barclays Bank plc
Killik & Co, Redmayne Bentley, Smith &
Williamson, Selftrade DLA Piper
Allen &
Overy
XS0716336325 Intermediate Capital Group
plc 22/12/11 7 F £35m Evolution Securities Ltd
Charles Stanley, Killik & Co, Redmayne
Bentley, Selftrade Ashurst Linklaters
XS0710391532 Tesco Personal Finance
plc 16/12/11 1 IL £60m Evolution Securities Ltd
Barclays Stockbrokers, Charles Stanley,
HSDL, Killik & Co, Redmayne Bentley,
Selftrade, Stocktrade (Brewin Dolphin)
Freshfields Allen &
Overy
GB00B3YYW134 Royal Bank of Scotland plc 07/11/11 2 V £20m Royal Bank of Scotland Royal Bank of Scotland / /
XS0678522490 National Grid plc 30/09/11 1.3 IL £283m Evolution Securities Ltd
/ Barclays Bank plc
Barclays Stockbrokers, Charles Stanley, Killik
& Co, Redmayne Bentley, Selftrade, Smith &
Williamson, Williams de Broe
Clifford
Chance Linklaters
XS0635014177 Places for People Capital
Markets 27/06/11 5 F £140m Evolution Securities Ltd
Charles Stanley, Killik & Co, Redmayne
Bentley, Selftrade, Williams de Broe DLA Piper
Allen &
Overy
XS0605672558 Provident Financial plc 31/03/11 7.5 F £50m Evolution Securities Ltd
/ Barclays Bank plc
Brewin Dolphin, Killik & Co, Redmayne
Bentley, Selftrade, Williams de Broe
Allen &
Overy Linklaters
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 21
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS0604804194 Lloyds TSB Bank plc 25/03/11 5.5 F £150m
Lloyds TSB Bank plc /
Royal Bank of Canada
Europe Ltd
Barclays Stockbrokers, Cenkos CI, Collins
Stewart, Charles Stanley, HSDL, Killik & Co,
Merchant Securities, Rathbones, Redmayne
Bentley, RIA Capital Markets, RBC IM, Shore
Capital, Spearpoint, Selftrade, Winterflood
Linklaters Allen &
Overy
XS0602217159 EIB 11/03/11 3.25 F £350m Royal Bank of Scotland Royal Bank of Scotland / /
XS0591029409 Tesco Personal Finance
plc 25/02/11 5.2 F £125m
Lloyds TSB Bank plc /
Royal Bank of Canada
Europe Ltd
Charles Stanley, Killik & Co, Redmayne
Bentley, Selftrade, Williams de Broe Freshfields
Allen &
Overy
GB00B42SH312 Royal Bank of Scotland plc 21/02/11 2 V £10m Royal Bank of Scotland Royal Bank of Scotland / /
GB00B442CZ84 Royal Bank of Scotland plc 17/01/11 3.3 F £15m Royal Bank of Scotland Royal Bank of Scotland / /
GB00B4MTS317 Royal Bank of Scotland plc 06/12/10 0 V £35m Royal Bank of Scotland Royal Bank of Scotland / /
GB00B4P95L57 Royal Bank of Scotland plc 01/11/10 3.9 V £20m Royal Bank of Scotland Royal Bank of Scotland / /
GB00B4RM3T66 Royal Bank of Scotland plc 01/11/10 3.9 V £35m Royal Bank of Scotland Royal Bank of Scotland / /
Retail Bonds on London Stock Exchange
ORB-dedicated distributors and lead managers
Page 22
ISIN Issuer Issue Date Cpn
(%) Cpn
Type Issue
Size Lead Manager(s) Authorised Distributors
Issuer
Counsel
Lead
Manager
Counsel
XS0517466198 Lloyds TSB Bank plc 21/06/10 5.375 F £75m
Lloyds TSB Bank plc/
Royal Bank of Canada
Europe Ltd
Brewin Dolphin, Charles Stanley, HSDL, Killik
& Co, Redmayne Bentley, RBC IM,
Winterflood
Linklaters Allen &
Overy
XS0496412064 Provident Financial plc 15/04/10 7 F £25m Numis Securities Ltd Hargreaves Lansdown Allen &
Overy
Norton
Rose
GB00B3N3WC23 Royal Bank of Scotland plc 01/02/10 5.1 F £50m Royal Bank of Scotland Royal Bank of Scotland / /
Appendix
(contact details)
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London Stock Exchange’s Fixed Income Team
Primary Markets
Fixed Income Team +44 20 7797 3921 [email protected]
Fixed Income Product Specialist Lillian Georgopoulou +44 20 7797 3482 [email protected]
Fixed Income Product Specialist Elena Chimonides +44 20 7797 1509 [email protected]
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