LISTED PRODUCT NEWS

RBS LAUNCHES RETAIL BONDS

Following up on the success of the recent Lloyd’s deal, RBS is releasing two more royal bonds this week, designed explicitly for retail investors. Unlike many other issuers, there is no minimum size order. The bonds feature CREST settlement, smaller tradable sizes and an ‘all in price’, all features designed to appeal to retail investors. One is a floating interest rate bond, paying either 3.9 per cent or LIBOR – whichever is higher – while the other is inflation linked and pays either 3.9 per cent or the Retail Price Index, again whichever is higher.

DEUTSCHE BANK LISTS NEW ETFS

Deutsche Bank, together with iShares, is to launch a new range of exchange traded funds (ETF) on the Madrid stock exchange, following changes to Spanish regulations. Before the regulation changes, any funds structured as a Sicav or an OEIC incurred a tax disadvantage when listed. Thanks to the changes, Deutsche Bank have been able to register over 100 new funds and expect to add 15 more, while iShares have registered 74. Irish domiciled funds tend to be structured as OEICs, while French funds are more usually structured as Sicavs.

NDF INVESTORS STILL WAITING

The financial services compensation scheme (FCSC) is yet to send out claim forms to 2,000 investors hoping to claim compensation from NDF’s Lehman Brothers backed Capital-at-Risk products. The FSCS agreed to offer compensation to 1,700 investors who held Capital-Secure products, but has ruled out automatic compensation for those holding the Capital-at-Risk products. Investors have flooded to send in claims for other reasons, leading to the delay.