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.