The FTSE ORB Index Series, developed in conjunction with Investec, is a series of independent, rules-based indices that measure the performance of corporate bonds trading on London Stock Exchange’s Order Book for Retail Bonds across different industry sectors and maturity bands. The FTSE ORB Index Series contains the following indices:
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Retail Bonds
Retail Bond Index
Retail Bond Index
All data correct as of close of business for the previous trading day.
Latest index values
| Name | Price Index | TR Index | Nominal Amount £bn |
Gross Redemption | Modified Duration | Number of Bonds |
| FTSE ORB Index | 105.72 | 122.15 | £22.4 |
3.96 | 6.82 | 85 |
| FTSE ORB Financials Index | 106.20 | 123.91 | £9.1 |
4.44 | 7.01 | 43 |
| FTSE ORB Non-Financials Index | 105.08 | 120.70 | £13.3 |
3.62 | 6.68 | 42 |
| FTSE ORB Under 5y to maturity Index |
97.52 | 112.17 | £5.9 |
1.96 | 2.75 | 25 |
| FTSE ORB Over 5y to maturity Index | 108.76 | 125.80 | £16.5 |
4.19 | 8.22 |
60 |
Top 5 by day-on-day Total Return
| Bond | Price | Price Move | Yield Move | Total Return |
| EnQuest PLC 5.5 15/02/2022 | 103.10 | +1.150 | -0.168 | 1.122% |
| Workspace Group PLC 6 09/10/2019 | 104.05 | +0.775 | -0.147 | 0.758% |
| Provident Financial PLC 7.5 30/09/2016 | 104.63 | +0.600 | -0.206 | 0.587% |
| Intermediate Capital Group PLC 6.25 19/09/2020 | 100.58 | +0.575 | -0.103 | 0.583% |
| Intermediate Capital Group PLC 7 21/12/2018 | 102.85 | +0.475 | -0.106 | 0.467% |
Bottom 5 by day-on-day Total Return
| Bond | Price | Price Move | Yield Move | Total Return |
| Eastern Power Networks PLC 8.5 31/03/2025 | 144.44 | -0.780 | +0.064 | -0.514% |
| Royal Bank of Scotland PLC/The 5.1 01/02/2020 | 104.05 | -0.550 | +0.094 | -0.503% |
| Severn Trent Utilities Finance PLC 6.25 07/06/2029 | 126.91 | -0.630 | +0.045 | -0.480% |
| Vodafone Group PLC 5.625 04/12/2025 | 118.85 | -0.600 | +0.054 | -0.477% |
| Hammerson PLC 6 23/02/2026 | 120.91 | -0.605 | +0.054 | -0.476% |
The indices that make up the FTSE ORB Index Series are provided for information purposes only. They are provided for personal use only and should not be used for commercial purposes. The Indices are constructed using information from FTSE International Limited (“FTSE”) © FTSE . Investec Bank plc has not independently verified the accuracy of such information and shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on this information. Past performance should not be used as a guide to the future. Investors should ensure they fully understand the risks and commitment involved before investing in a retail bond.
FTSE International Limited (“FTSE”) © FTSE 2013. FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.
Latest index values
| Name | Price Index | TR Index | Nominal Amount £bn |
Gross Redemption | Modified Duration | Number of Bonds |
| FTSE ORB Index | 109.19 | 125.03 | £22.5 |
3.54 | 7.03 | 85 |
| FTSE ORB Financials Index | 110.36 | 127.56 | £9.2 |
3.94 | 7.21 | 43 |
| FTSE ORB Non-Financials Index | 108.09 | 123.08 | £13.3 |
3.26 | 6.90 | 42 |
| FTSE ORB Under 5y to maturity Index |
98.95 | 112.81 | £5.7 |
1.61 | 2.76 | 24 |
| FTSE ORB Over 5y to maturity Index | 113.02 | 129.55 | £16.8 |
3.75 | 8.39 | 61 |
Michael Smith
+442075974068
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Investec FTSE ORB Factsheet
Retail Bonds
Retail bonds – an emerging source of committed long term capital
Retail bonds gained considerable attention in 2012 from borrowers who sought an alternative to bank debt and retail investors who were looking for products that can provide income. Investec continues to be at the forefront of this market. Investec was instrumental in developing the concept and the technology behind the FTSE ORB retail bond index that was launched on 31 January 2013 by FTSE, LSE and Investec.
At the end of 2012, the UK’s retail bond market stood at £2.5billion of total issuance and it continues to grow. Between 2010 when the London Stock Exchange (LSE) set up the retail bond platform called ORB (Order Book for Retail Bonds) and the end of 2012, 24 retail bonds have been launched.
The growth of the market is impressive and there is plenty of scope for this to continue as the trend towards long term funding in the capital markets continues to develop:
- In 2010, there were just two UK retail bond issues which together, raised £100m
- In 2011, seven retail bonds raised £843m
- And in 2012, issuance more than doubled to 15 bonds which amounted to over £1.5 billion.
- Of the 15 bonds raised in 2012, Investec was lead manager on seven
- In total, Investec assisted these seven borrowers to raise c. £663m
Retail bonds are a real and proven long term and committed alternative to bank debt and private placements that are relevant to midcap and even larger issuers:
- The average size of a retail bond in 2012 was £100m and the median was £80m
- The smallest deal was £40m and the largest £300m
- These characteristics make the retail bond market ideal for borrowers who can’t raise large benchmark sized bonds or for those who just want to raise smaller amounts
Eden Rich
+442075974068
Overview
Retail bonds – an overview
A retail bond is defined by the denomination in which it is sold. Retail bonds have denominations below £100,000 and wholesale bonds above £100,000. The typical denomination on a retail bond is actually just £100 – this makes it much easier for retail investors to be able to participate in the new issue and secondary markets.
The distribution network differs between the retail and wholesale markets. Retail investors are sourced through a network of retail intermediaries such as brokers, wealth managers and execution-only service providers. Wholesale bonds are generally sold through a bank’s internal sales teams direct to institutional investors.
The following are key benefits of a retail bond:
- Diversification of funding: retail bonds are an alternative to bank debt, private placements and institutional bonds
- Committed capital: retail bonds are committed and non amortising capital
- Maturity: 5 -10 years
- Coupon: typically fixed rate
- Variability in size of the bond: the first retail bond issued in 2010 was just £25m. In 2012 the average deal size was £100m and the median £80m. The smallest deal size was £40m in 2012 and the largest £300m. Small transactions or deal sizes can be raised in the retail bond market – unlike the wholesale bond market where deals start at c. £200m or more. he high wholesale issuance size threshold restricts many smaller borrowers from accessing the wholesale market.
Eden Rich
+442075974068
Investec Services
Investec has a track record as a lead arranger of Retail Bonds.
We can:
- Advise on the appropriate retail bond structure, identify the relevant pricing and appoint and coordinate an externally regulated retail distribution group/chain
- Distribute the bonds
- Advise on the marketing strategy
- Organise the legal documentation and settlement
- Make markets in the bonds – we are the largest market-maker on the LSE’s ORB
Eden Rich
+442075974068
Our Credentials
Our Credentials
The Investec team has participated in the origination and distribution of over £1.2bn funds raised in the Retail Bond market. That amounts to c. 75% of the total market. In addition, Investec and one of its subsidiaries (Evolution Securities ltd) have been Lead Manager in all of the corporate bonds issued in 2011 and 2012 YTD. Investec is the largest market maker on the UK Retail Bond Platform (ORB).
Our Deals (* deals transacted by Evolution Securities Ltd – now part of Investec Bank plc.)
Eden Rich
+442075974068
If you want to get more insight on the Retail Bond market and the process to issue a bond call: +44 20 7597 4068.
Other Capabilities
One bank, many opportunities
There may be occasions where other parts of the Investec Group in the UK or overseas may be relevant. For example, you may to swap your funding, to deposit your excess cash at attractive returns which offers flexibility, having some corporate advice services (debt, equity, M&A or access the institutional debt capital markets. We can assist in managing our wider group’s potential capabilities on your behalf.
Eden Rich
+442075974068
