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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.”


Question marks-confusion-puzzle

Wells Street Journal: The Sunday Times’ Jekyll and Hyde approach to pension reform

For a publication that professes to be the country’s newspaper of record, The Sunday Times appears to be unable to make up its mind on George Osborne’s pensions freedoms. It’s less than four months to the day when billions of pounds will be up for grabs, yet the paper is printing a dire warning one […]


Openwork appoints Dave Ewens as distribution head

Openwork has recruited MetLife sales director Dave Ewens to head up distribution at the network. Ewens, who joined MetLife in 2007, lead Openwork’s business development and telephone sales teams. He will also be responsible for recruitment and the network’s advice arm, Openwork Market Solutions, as well as the Openwork Protection Service. Ewens’ appointment follows Openwork’s […]

Investment clock economic update

In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]


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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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