Retail bond - Revision history

Doug: Add resource.

2024-12-21T22:46:03Z

Add resource.

← Older revision		Revision as of 22:46, 21 December 2024
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	==Other resources==		==Other resources==
			*[https://www.treasurers.org/hub/blog/uk-debt-capital-market-reform-retail-inclusion UK Debt Capital Market Reform & Retail Inclusion – where are we now? The Treasurer online - December 2024]

	*[https://www.fca.org.uk/publication/feedback/engagement-feedback-new-public-offers-admissions-trading-regime.pdf Engagement feedback on the new public offers and admissions to trading regime - Financial Conduct Authority (FCA) - December 2023]		*[https://www.fca.org.uk/publication/feedback/engagement-feedback-new-public-offers-admissions-trading-regime.pdf Engagement feedback on the new public offers and admissions to trading regime - Financial Conduct Authority (FCA) - December 2023]
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	*[https://www.fca.org.uk/publication/call-for-input/non-equity-securities-engagement-paper-4.pdf Engagement paper - non-equity securities - FCA - May 2023]		*[https://www.fca.org.uk/publication/call-for-input/non-equity-securities-engagement-paper-4.pdf Engagement paper - non-equity securities - FCA - May 2023]

			[[Category:Accounting,_tax_and_regulation]]
			[[Category:Long_term_funding]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:Long_term_funding]]		[[Category:Long_term_funding]]

Doug: Add link.

2024-12-21T22:41:16Z

Add link.

← Older revision		Revision as of 22:41, 21 December 2024
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	* [[Sustainability-linked bond]] (SLB)		* [[Sustainability-linked bond]] (SLB)
	* [[Trillion]]		* [[Trillion]]
			* [[UK Public Offers and Admissions to Trading Regulations 2024]] (POATR)
	* [[Unsecured]]		* [[Unsecured]]
	* [[Wealth management]]		* [[Wealth management]]

Doug: Add link.

2024-12-21T20:57:43Z

Add link.

← Older revision		Revision as of 20:57, 21 December 2024
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	* [[Listed company]]		* [[Listed company]]
	* [[London Stock Exchange]]		* [[London Stock Exchange]]
			* [[Low denomination bond]] (LDB)
	* [[Main Market]]		* [[Main Market]]
	* [[Net asset value]]		* [[Net asset value]]

Doug: Amend regulatory limits from £ to EUR. Source - linked pages.

2024-06-20T12:42:45Z

Amend regulatory limits from £ to EUR. Source - linked pages.

← Older revision		Revision as of 12:42, 20 June 2024
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	"Retail bond" is a colloquial abbreviation for a smaller-denomination bond (usually from around £100 to £1,000 in practice, but under ~~£100~~,000 from a regulatory perspective) designed to attract retail (individual, rather than institutional) investors, that a bond issuer is allowed to offer for sale to non-professional investors.		"Retail bond" is a colloquial abbreviation for a smaller-denomination bond (usually from around £100 to £1,000 in practice, but under EUR 100,000 from a regulatory perspective) designed to attract retail (individual, rather than institutional) investors, that a bond issuer is allowed to offer for sale to non-professional investors.

	They are generally issued in smaller denominations to enable individual investors to easily participate in buying and selling them.		They are generally issued in smaller denominations to enable individual investors to easily participate in buying and selling them.
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	This resulted in the bifurcation of LSE Main Market bonds into two: wholesale bond issuance and retail bond issuance.		This resulted in the bifurcation of LSE Main Market bonds into two: wholesale bond issuance and retail bond issuance.

	Retail bonds were defined at the time as being those with denominations of less than ~~£50k~~ (later increased to ~~£100k~~) and wholesale, at least ~~£50k~~ (later increased to ~~£100k~~).		Retail bonds were defined at the time as being those with denominations of less than EUR 50k (later increased to EUR 100k) and wholesale, at least EUR 50k (later increased to EUR 100k).


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	In 2010, in response to growing private investor dissatisfaction with this situation, the LSE introduced the Order book for Retail Bonds (ORB) – which was a section of its Main Market.		In 2010, in response to growing private investor dissatisfaction with this situation, the LSE introduced the Order book for Retail Bonds (ORB) – which was a section of its Main Market.

	This attracted a flurry of investment grade corporate issuance in 2012-13 in retail denomination size, but it dried-up.		This attracted a flurry of investment grade corporate issuance in 2012-13 in retail denomination size, but it dried up.

	One of the key reasons was the disclosure requirements that set them apart from wholesale bonds in terms of format and content.		One of the key reasons was the disclosure requirements that set them apart from wholesale bonds in terms of format and content.

Doug: Add link.

2024-06-20T09:20:39Z

Add link.

← Older revision		Revision as of 09:20, 20 June 2024
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	* [[Disclosure]]		* [[Disclosure]]
	* [[Discount]]		* [[Discount]]
			* [[Dual disclosure standard]] (UK - FCA)
	* [[Equity]]		* [[Equity]]
	* [[ESG bond]]		* [[ESG bond]]

Doug: Layout.

2024-02-01T05:56:04Z

Layout.

← Older revision		Revision as of 05:56, 1 February 2024
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	"Retail bond" is a colloquial abbreviation for a smaller-denomination bond (c. £100 or £1,000 in practice but under £100,000 from a regulatory perspective) designed to attract retail (individual, rather than institutional) investors, that a bond issuer is allowed to offer for sale to non-professional investors.		"Retail bond" is a colloquial abbreviation for a smaller-denomination bond (usually from around £100 to £1,000 in practice, but under £100,000 from a regulatory perspective) designed to attract retail (individual, rather than institutional) investors, that a bond issuer is allowed to offer for sale to non-professional investors.

	They are generally issued in smaller denominations to enable individual investors to easily participate in buying and selling them.		They are generally issued in smaller denominations to enable individual investors to easily participate in buying and selling them.
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	==Pre-2005==		==Pre-2005==
	Prior to 2005, the bonds issued in the LSE’s Main Market (i.e., investment grade bonds of domestic and foreign issuers) were available to all investors, providing they could afford the denomination size. Other than as implied by denomination size, there was no distinction between wholesale and retail bonds. At the time, ~~c67~~% of all bonds listed on the Main Market had a denomination size of less than £2,000 (see "Enabling broader access to the UK bond markets" - Winterflood Securities - October 2023 - link in Other resources below).		Prior to 2005, the bonds issued in the LSE’s Main Market (i.e., investment grade bonds of domestic and foreign issuers) were available to all investors, providing they could afford the denomination size. Other than as implied by denomination size, there was no distinction between wholesale and retail bonds. At the time, 67% of all bonds listed on the Main Market had a denomination size of less than £2,000 (see "Enabling broader access to the UK bond markets" - Winterflood Securities - October 2023 - link in Other resources below).


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	In 2010, in response to growing private investor ~~dis-satisfaction~~ with this situation, the LSE introduced the Order book for Retail Bonds (ORB) – which was a section of its Main Market.		In 2010, in response to growing private investor dissatisfaction with this situation, the LSE introduced the Order book for Retail Bonds (ORB) – which was a section of its Main Market.

	This attracted a flurry of investment grade corporate issuance in 2012-13 in retail denomination size, but it dried-up.		This attracted a flurry of investment grade corporate issuance in 2012-13 in retail denomination size, but it dried-up.

Doug: Add link.

2024-01-29T17:23:05Z

Add link.

← Older revision		Revision as of 17:23, 29 January 2024
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	==Regulatory reform movement and the future==		==Regulatory reform movement and the future==
	Since 2005 investment managers have become increasingly vocal about being unable to invest directly in the primary and secondary investment grade bond issuance in the FCA regulated UK bond market.		Since 2005 retail investment managers have become increasingly vocal about being unable to invest directly in the primary and secondary investment grade bond issuance in the FCA regulated UK bond market.

	Their wishes have been expressed through various channels such as the Investor Access to Regulated Bonds (iARB) Working Group, of which the ACT is a member.		Their wishes have been expressed through various channels such as the Investor Access to Regulated Bonds (iARB) Working Group, of which the ACT is a member.

Doug: Remove surplus text.

2024-01-29T17:21:33Z

Remove surplus text.

← Older revision		Revision as of 17:21, 29 January 2024
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	==Regulatory reform movement and the future==		==Regulatory reform movement and the future==
	Since 2005~~, retail assets under management (AUM) in the UK have grown to approximately £2 trillion - and~~ investment managers have become increasingly vocal about being unable to invest directly in the primary and secondary investment grade bond issuance in the FCA regulated UK bond market.		Since 2005 investment managers have become increasingly vocal about being unable to invest directly in the primary and secondary investment grade bond issuance in the FCA regulated UK bond market.

	Their wishes have been expressed through various channels such as the Investor Access to Regulated Bonds (iARB) Working Group, of which the ACT is a member.		Their wishes have been expressed through various channels such as the Investor Access to Regulated Bonds (iARB) Working Group, of which the ACT is a member.
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	== See also ==		== See also ==
	* [[Admission to trading]]		* [[Admission to trading]]
	* [[Assets Under Management]] (AUM)
	* [[Association of Corporate Treasurers]] (ACT)		* [[Association of Corporate Treasurers]] (ACT)
	* [[Basis point]]		* [[Basis point]]

Doug: Add link.

2024-01-29T16:46:10Z

Add link.

← Older revision		Revision as of 16:46, 29 January 2024
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	* [[Unsecured]]		* [[Unsecured]]
	* [[Wealth management]]		* [[Wealth management]]
			* [[Wholesale bond]]
	* [[Wholesale markets]]		* [[Wholesale markets]]

Doug: Remove surplus link.

2024-01-29T16:00:03Z

Remove surplus link.

← Older revision		Revision as of 16:00, 29 January 2024
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	* [[Regulation]]		* [[Regulation]]
	* [[Retail]]		* [[Retail]]
	* [[Retail bond]]
	* [[Seasoned issuer]]		* [[Seasoned issuer]]
	* [[Secondary market]]		* [[Secondary market]]