Investec Sells Note Backed by Scottish Widows Debt

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

Aug. 15 (Bloomberg) -- Investec Plc 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