Low denomination bond

Debt capital market (DCM) - bonds - denominations - retail - regulation - Financial Conduct Authority (FCA).

(LDB).

A low denomination bond is a bond with a small enough denomination to be accessible to retail investors.

Serious consideration to retail inclusion

"Given the substantial benefits of retail inclusion to both issuer and investor, [the FCA's delay in implementing reforms] has been frustrating.

However, it should probably be taken as a positive sign that the FCA are giving retail inclusion (through removing the barriers to using low denomination bonds (LDBs)) serious consideration in order to avoid unintended consequences."

Michael Smith, Head of DCM at Winterflood Securities - The Treasurer online - December 2024.

See also

• Association of Corporate Treasurers (ACT)
• Bond
• Corporate bond
• Debt capital market (DCM)
• Denomination
• Dual disclosure standard (UK - FCA)
• Financial Conduct Authority (FCA)
• Investor
• Issuer
• Order book for Retail Bonds (ORB)
• PRIIPs Regulation
• Regulation
• Retail
• Retail bond
• Retail inclusion
• UK Public Offers and Admissions to Trading Regulations 2024 (POATR)
• Wholesale bond

Other resources

• UK Debt Capital Market Reform & Retail Inclusion – where are we now? The Treasurer online - December 2024

• Engagement feedback on the new public offers and admissions to trading regime - Financial Conduct Authority (FCA) - December 2023

• Enabling broader access to the UK bond markets - Winterflood Securities - October 2023

• Opening up bond market will give corporates more flexibility - The Treasurer - September 2023

• Return of retail to bond markets on the cards - The Treasurer - August 2023

• Engagement paper - non-equity securities - FCA - May 2023