Partnership scraps bond offering despite ‘significant interest'

Partnership Assurance Group, the enhanced annuity specialist, has scrapped plans to issue bonds despite "significant interest" from investors.

A note to the stock exchange said the company had “not elected to proceed with a bond offering at this time”. The plans were first announced on 7 January. Chief executive Steve Groves said: “I would like to thank debt investors for their significant interest and engagement during the fixed income meetings we have held in recent days.” He added: “It is logical for us to explore the opportunities to diversify the group's sources of funding at economically attractive rates. However, we have elected not to proceed with a transaction at this time." Partnership was valued at £1.8bn when ...