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Intermediate Capital teams up with Canaccord for retail bond

by Emma Dunkley on Aug 29, 2012 at 09:56

Intermediate Capital teams up with Canaccord for retail bond

Intermediate Capital Group (ICG) has appointed Canaccord Genuity in a move to launch a sterling-denominated retail bond issue.

ICG, the credit and finance structuring firm, said in a stock exchange announcement is was looking to offer bonds, subject to market conditions, and has appointed Canaccord to arrange meetings with stockbrokers and wealth managers to discuss the potential issuance.

At the end of last year, ICG teamed with Evolution for the issue of retail bonds yielding 7%, which raised £35 million.

A spokesperson for ICG said the same team from Evolution joined Canaccord and will be working with ICG again for the new issue.

In July, three new issuers raised £275 million on the retail bond market, with Severn Trent’s RPI-linked bond raising £75 million.

Primary Health Properties also raised £75 million with bonds offering 5.375%, while ICAP’s 5.5% bond raised £125 million.

Pietro Poletto, head of fixed income markets at London Stock Exchange Group, said: ‘From water services to real estate trusts, FTSE SmallCap to FTSE 100, it’s clear that a truly diverse range of businesses are starting to appreciate the fundraising potential of London Stock Exchange’s retail bond market.

‘In July alone, £275 million has been raised from private investors with demand so high that ORB has repeatedly seen issues oversubscribed. We continue to see a strong pipeline of capital-seeking firms which are keen to be connected with retail investors in this way.’

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