Lloyds supports LSEG with first new Plain Vanilla Listed Bond issuance

Lloyds has supported London Stock Exchange Group (LSEG) with the issuance of a £500m Plain Vanilla Listed Bond (PVLB), marking the first new issuance in the PVLB format. The transaction was also supported by Barclays, HSBC, NatWest and RBC Capital Markets who acted as joint bookrunners.

The bond, which has a coupon of 5.50%, has a minimum denomination of £1,000 and will be made available to retail investors.

PVLBs were introduced under the UK’s new Public Offers and Admissions to Trading Regime, which came into effect at the start of 2026. They use simpler structures and smaller denominations to make corporate bonds more accessible to retail investors, opening up a wider range of investment opportunities while broadening participation in UK capital markets.

Lloyds acted as PVLB Coordinator on the transaction, which builds on its work with LSEG to help retail investors access the corporate bond market. Earlier this year, Lloyds supported LSEG with the UK’s first conversion of existing corporate bonds into PVLBs, converting £1.4bn of sterling-denominated notes under the new framework¹. This latest transaction takes the market a step further, moving from the conversion of existing debt to the first issuance of a new bond in PVLB format – giving retail investors access alongside wholesale investors, and expanding debt-funding options for UK-listed companies.

The transaction follows the launch of an industry-backed campaign earlier this year to encourage greater retail investment across the UK. The “Invest for the Future” initiative, led by the Investment Association and supported by government and regulators, aims to help more people see investing as a natural next step from saving. Lloyds is a co-founding member of the campaign, reflecting its role in supporting wider participation in UK capital markets and long-term financial resilience.

Economic Secretary to the Treasury Lucy Rigby said: “This is exactly what our reforms were designed to deliver: unlocking more investment for British businesses and supporting growth across the economy.

“This UK-first is an important step in opening up our capital markets, giving individual investors greater access to opportunities and making our markets even more competitive.”

Christopher Marlow, Director, Corporate Development at LSEG, said: “This issuance shows how accessibility can be built into a corporate bond from the outset. Following our conversion of existing debt earlier this year, this new issuance demonstrates the format’s potential as a practical funding option for UK listed companies, while enabling a broader range of investors to participate. We are proud to take this next step in the market’s development and pleased to bring the transaction to market.”