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John Lewis issues retail bond

John Lewis is issuing a bond to customers who hold partnership cards and account cards.

They will be able to invest between £1,000 and £10,000 in the five-year savings product with a fixed annual return of 4.5 per cent. A further 2 per cent will be paid in John Lewis Vouchers.

John Lewis chairman Charlie Mayfield says: “With interest rates and yields close to historical lows we believe our cardholders and partners will welcome a competitively priced, innovative product of this nature with the added comfort of the John Lewis Partnership brand and reputation.”

The offer is limited and applications must be received between March 7 and April 11 2011. It will close when the total bond applications reach £50m.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Invest for £10,000

  2. Quote ” They will be able to invest between £1,000 and £10,000 in the five-year savings product with a fixed annual return of 4.5 per cent. A further 2 per cent will be paid in John Lewis Vouchers.”

    Savings product?

    Extract from actual invitation reads:

    “The John Lewis Partnership Bonds will be unconditional, unsecured, non-convertible and non-transferable obligations of John Lewis plc”

    How many will be captured by the use of the term “savings product”?

    How quickly will the FSA intervene – if at all?

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