Investec Sells Note Backed by Scottish Widows Debt

(Corrects offering period, terms in headline, first, second paragraphs; removes unrelated definition in fifth.)

Investec Plc (INVP) is selling 10-year notes backed by the debt of Scottish Widows Plc.

The securities, being issued through its Investec Bank Plc unit, will pay a spread over the three-month sterling London interbank offered rate, according to data compiled by Bloomberg. They are backed by debt from an $850 million pound offering of 5.5 percent, 10-year notes that Scottish Widows sold in April.

Izzy Ansell, a spokeswoman for Investec in London, didn’t return requests for comment.

Scottish Widows traces its origins to 1812, when a group of Edinburgh businessmen set up a fund to provide for the wives of British soldiers killed in the Napoleonic wars.

To contact the reporter on this story: Kevin Dugan in New York at kdugan4@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.