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Partnership scraps bond issue plans

Partnership has decided not to go ahead with plans to issue its first bond offering which would have boosted the insurer’s capital and made it less reliant on traditional annuities.

The specialist insurer has held meetings with fixed income investors over whether they were interested in buying sterling-denominated subordinated debt. Bank of America Merrill Lynch and Royal Bank of Scotland set up the talks with potential investors.

But one week after the plans were announced, Partnership now says the issue will not be going ahead.

Partnership chief executive Steve Groves says: “I would like to thank debt investors for their significant interest and engagement during the fixed income meetings we have held in recent days.

“It is logical for us to explore the opportunities to diversify the group’s sources of funding at economically attractive rates. However, we have elected not to proceed with a transaction at this time.”

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  1. Translate: no one in their right mind would buy our paper at commercial rates since our future is now very limited

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