Bond investors

Information for bond investors including:

  • Loan capital
  • US dollar bonds
  • Sterling perpetual securities
  • Sterling perpetual notes
  • Sterling step-up notes
  • New notes issues 2014
  • All bonds

 

 Loan capital

 

2015

£m

2014
£m

2013
£m

2012
£m

2011
£m

Subordinated guaranteed US$ bonds

5

5

13

14

14

Perpetual guaranteed subordinated securities (GBP)

359

349

342

334

326

Guaranteed perpetual subordinated notes (GBP)

   

460

470

480

Guaranteed subordinated step-up notes due 2039 (GBP)

496

495

494

493

493

Guaranteed subordinated notes due 2045 (GBP)

394

394

     

Total loan capital

1,254

1,243

1,309

1,311

1,313

US dollar bonds

The subordinated guaranteed US$9m bonds have a redemption date of 15 October 2029. The rate of interest payable on the bonds is 8.95%

Sterling perpetual securities

The Sterling perpetual bonds were issued on 12 May 2006 and the rate of interest payable is 6.701% of the nominal value. The Group has the option to repay the bonds on specific dates starting 12 July 2017. If the bonds are not repaid, from that date, the interest payable would be LIBOR plus 2.51%.

Sterling perpetual notes

The perpetual notes with a nominal value of £450m were called on 8th December 2014. No notes are outstanding.

Sterling step-up notes

The subordinated guaranteed dated notes were issued on 20 May 2009. The bonds have a nominal value of £500m and bear interest at a fixed rate of 9.375% until redemption on 20 May 2039. The Group has the option to repay the notes on specific dates from 20 May 2019. If the notes are not repaid on that date, the rates of interest would be reset at a rate of 8.475% plus the appropriate benchmark gilt yield for a further five year period.

On the 30 June 2016, the Group invited holders of the notes to offer them for purchase by the Group for cash in a public tender operation. The offer period expired on 7 July and on the 8 July, the Group announced it had accepted £200m nominal value of bonds. Accordingly, the remaining nominal value of the notes outstanding is £300m.

New notes issued 2014 

The subordinated guaranteed notes were issued on 10th October 2014. The bonds have a nominal value of £400m and bear a fixed rate of 5.125% until; redemption on  10th October 2045. The Group has the option to repay the notes on specific dates from 10th October 2015. If notes are not repaid on that date, the rate of interest would be reset at a rate of 3.852% plus the appropriate five year benchmark gilt yield.

All bonds

The bonds and notes are contractually subordinated to all other creditors of the Parent Company, such that in the event of a winding up, or bankruptcy, they are to be repaid only after the claims of all other creditors have been met.