11th Mar

Provident Financial issues 6% retail bond

Provident Financial has today issued its fourth retail bond, with a coupon of 6 per cent. 

The FTSE 250 Bradford-based money lender is offering the 6% Bonds due 2021 available to buy until 22 March 2013. 

The Bonds pay a fixed gross rate of interest of 6% per year until 27 September 2021. Interest is paid in two semi-annual instalments in arrears on 27 March and 27 September each year until 27 September 2021. The minimum initial investment is £2,000 and thereafter the Bonds can be bought and sold in multiples of £100.

Provident Financial’s Group Treasurer, Phil Shepherd commented “Provident Financial has previously issued three retail bonds that are listed on the London Stock Exchange’s ORB platform and these have all performed well in the secondary market. The retail bond market is an important strand of Provident Financial’s programme to diversify and lengthen the maturity of its funding and therefore, I am delighted to have announced the launch of our fourth bond issue with a coupon of 6% and a maturity of September 2021.”

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