CELEBRATING
Capital International Group
YEARS IN BUSINESS
02 NOVEMBER 2016
BOND LIST
RE D E F I N I NG I NV E ST ME NT
Our Vision The Capital International Group exists to improve lifestyles through increased prosperity Our Values We seek to achieve this through the enduring values of innovation, integrity and excellence
We are an award winning investment group with our headquarters in the Isle of Man Capital International
Trading Desk Fixed Interest List This document has been prepared for information purposes only and does not constitute an offer or an invitation by or on behalf of Capital International Limited to buy or sell any security. The information contained herein is believed to be correct, but its accuracy cannot be guaranteed. Any reference to past performance is not necessarily a guide to future performance. Opinions constitute our judgement at the date of writing and are subject to change.
The Capital International Group of companies, its clients and officers may have a position in, or engage in transactions in any of the securities mentioned. It must be noted that the price of shares may go down as well as up and the values in overseas stocks/bonds may fall or rise in relation to your base currency.
CORPORATES STERLING DENOMINATED Name
Coupon
Maturity
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
Amount Next Call Out (mill) Date
CLOSE BROTHERS GROUP PLC
6.500% 10/02/2017
A3
-
86
101.42
1.123
50000
200
-
ANGLIAN WATER OSPREY FIN
7.000% 31/01/2018
Ba3
-
94
107.28
1.069
100000
240
-
ANGLO AMERICAN CAPITAL
6.875% 01/05/2018
Ba2
BB
187
107.50
1.716
50000
267
-
GLENCORE FINANCE EUROPE
6.500% 27/02/2019
Baa3
BBB-
251
110.34
1.887
50000
650
-
ROLLS-ROYCE PLC
6.750% 30/04/2019
A3
A-
188
114.28
0.907
50000
500
-
DAIMLER INTL FINANCE BV
3.500% 06/06/2019
A3
A-
151
106.50
0.942
1000
500
-
TULLETT PREBON PLC
5.250% 11/06/2019
-
-
146
105.22
3.145
100
80
-
TELECOM ITALIA SPA
6.375% 24/06/2019
Ba1
BB+
133
109.94
2.431
50000
850
-
LEONARDO-FINMECCANICA SP
8.000% 16/12/2019
Ba1
BB+
141
118.31
1.916
75000
319
-
NATIXIS
5.875% 24/02/2020
Aa2
AA
250
114.80
1.273
1000
660
-
TEXTRON INC
6.625% 07/04/2020
Baa3
BBB
207
112.78
2.665
1000
150
-
LBG CAPITAL NO.1 PLC
7.588% 12/05/2020
WR
BBB-
89
-
-
1000
0
-
OLD MUTUAL PLC
8.000% 03/06/2021
Ba1
-
154
113.13
4.772
100000
500
-
SNCF RESEAU
5.500% 01/12/2021
Aa2
AA
333
120.88
1.230
1000
800
-
BAE SYSTEMS PLC
4.125% 08/06/2022
Baa2
BBB
149
112.62
1.736
100000
400
-
ATLANTIA SPA
6.250% 09/06/2022
Baa1
BBB+
148
122.91
1.894
1000
500
-
SSE PLC
5.875% 22/09/2022
A3
A-
42
123.78
1.605
1000
300
-
TELEFONICA EMISIONES SAU
5.289% 09/12/2022
Baa2
BBB
331
118.10
2.095
50000
650
-
ELECTRICITE DE FRANCE SA
6.875% 12/12/2022
A3
A-
328
130.25
1.628
50000
400
-
TESCO PLC
5.000% 24/03/2023
Ba1
BB+
225
107.61
3.639
50000
389
-
INNOGY FINANCE BV
5.625% 06/12/2023
Baa3
BBB-
334
122.13
2.216
1000
488
-
MORRISON(WM)SUPERMARKETS 4.625% 08/12/2023
Baa3
-
149
112.44
2.687
100000
365
-
IBERDROLA FINANZAS SAU
Baa1
BBB+
280
135.51
2.044
50000
500
-
7.375% 29/01/2024
NATL GRID ELECT TRANS
5.875% 02/02/2024
A3
A-
272
128.67
1.643
1000
146
-
FIDELITY INTERNATIONAL L
7.125% 13/02/2024
Baa1
BBB+
265
125.13
3.195
100000
250
-
IMPERIAL BRANDS FINANCE
8.125% 15/03/2024
Baa3
BBB
234
139.49
2.241
50000
600
-
ENEL FINANCE INTL NV
5.625% 14/08/2024
Baa2
BBB
82
122.96
2.357
50000
850
-
Innovation Integrity Excellence
Name
Coupon
Maturity
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
Amount Next Call Out (mill) Date
KFW
5.000% 10/09/2024
Aaa
AAA
55
127.94
1.242
1000
200
-
FIRSTGROUP PLC
6.875% 18/09/2024
-
BBB-
47
129.34
2.688
50000
200
-
JOHNSON & JOHNSON
5.500% 06/11/2024
Aaa
AAA
364
130.41
1.449
50000
500
-
CIE DE SAINT-GOBAIN
5.625% 15/11/2024
Baa2
BBB
355
125.12
2.181
50000
300
-
BANK OF SCOTLAND PLC
4.875% 20/12/2024
Aaa
AAA
320
123.78
1.715
1000
500
-
VODAFONE GROUP PLC
5.625% 04/12/2025
Baa1
BBB+
336
125.48
2.459
1000
250
-
SANTANDER UK PLC
5.750% 02/03/2026
Aaa
AAA
247
133.23
1.838
100000
1000
-
CAISSE FRANCAISE DE FIN
5.500% 16/07/2026
Aaa
AA+
111
130.26
2.029
1000
125
15/09/2017
BARCLAYS BANK PLC
5.750% 14/09/2026
Baa3
BBB-
51
118.61
3.486
1000
274
-
PETROBRAS GLOBAL FINANCE
6.250% 14/12/2026
B2
B+
326
95.42
6.891
100000
700
-
MOTABILITY OPERATIONS GR
4.375% 08/02/2027
A1
A+
88
121.14
2.076
100000
300
-
SNCF MOBILITES EPIC
5.375% 18/03/2027
Aa3
AA-
231
131.09
2.020
1000
500
-
HSBC HOLDINGS PLC
5.750% 20/12/2027
A2
BBB+
320
113.92
4.160
1000
650
-
WESSEX WATER SERVS FIN
5.375% 10/03/2028
A3
BBB+
239
131.58
2.198
1000
200
-
GOLDMAN SACHS GROUP INC
7.250% 10/04/2028
A3
BBB+
25
139.37
3.127
50000
500
-
BANK OF AMERICA CORP
7.000% 31/07/2028
Baa1
BBB+
96
138.62
3.059
50000
1240
-
STATOIL ASA
6.125% 27/11/2028
Aa3
A+
337
138.15
2.437
1000
225
14/09/2016
KFW
6.000% 07/12/2028
Aaa
AAA
327
148.23
1.585
1000
3035
-
SNCF RESEAU
5.250% 07/12/2028
Aa2
AA
327
133.68
2.072
1000
650
-
GENERAL ELECTRIC CO
5.250% 07/12/2028
A1
AA-
327
134.11
2.038
1000
315
-
BRITISH TELECOM PLC
5.750% 07/12/2028
Baa1
BBB+
327
134.83
2.398
1000
600
-
CENTRICA PLC
4.375% 13/03/2029
Baa1
BBB+
236
119.55
2.513
100000
750
-
PRUDENTIAL PLC
5.875% 11/05/2029
-
-
173
133.54
2.683
1000
250
-
KONINKLIJKE KPN NV
5.750% 17/09/2029
Baa3
BBB-
48
127.62
3.112
50000
850
-
TESCO PLC
6.000% 14/12/2029
Ba1
BB+
320
110.49
4.896
1000
200
-
HJ HEINZ FINANCE UK PLC
6.250% 18/02/2030
Baa2
BBB-
256
131.41
3.292
1000
125
-
WALES & WEST UTL FIN PLC
5.750% 29/03/2030
-
A-
220
137.70
2.420
50000
300
-
HSBC BANK PLC
5.375% 04/11/2030
A2
A-
0
111.32
3.863
1000
350
-
RZD CAPITAL PLC (RZD)
7.487% 25/03/2031
Ba1
BB+
39
113.72
6.045
100000
650
-
CANARY WHARF FIN II PLC
6.455% 22/10/2033
Aaa
A
12
153.73
1.918
5000
311
-
VEOLIA ENVIRONNEMENT SA
6.125% 29/10/2037
Baa1
BBB
6
149.35
2.940
50000
650
-
PFIZER INC
6.500% 03/06/2038
A1
AA
154
161.01
2.723
50000
1500
-
LCR FINANCE PLC
4.500% 07/12/2038
Aa1
AA
150
141.65
2.127
1000
425
-
INNOGY FINANCE BV
6.125% 06/07/2039
Baa3
BBB-
121
137.44
3.664
50000
1000
-
CITIGROUP INC
7.375% 01/09/2039
Baa1
BBB+
AT&T INC
7.000% 30/04/2040 Baa1 /*- BBB+ /*-
LLOYDS BANK PLC
6.500% 17/09/2040
A1
AMERICA MOVIL SAB DE CV
4.375% 07/08/2041
A2
GLAXOSMITHKLINE CAPITAL
5.250% 10/04/2042
A2
HEATHROW FUNDING LTD
5.875% 13/05/2043
ELECTRICITE DE FRANCE SA
5.125% 22/09/2050
64
163.86
3.350
50000
500
04/11/2025
188
148.15
3.847
50000
1100
-
A
48
156.29
3.120
1000
867
-
A-
89
113.79
3.529
100000
750
-
A+
208
148.38
2.619
50000
1000
-
-
A-
175
148.11
3.057
100000
750
-
A3
A-
43
128.92
3.628
50000
985
-
SNCF RESEAU
5.000% 11/03/2052
Aa2
AA
233
157.09
2.535
1000
550
-
SIEMENS FINANCIERINGSMAT
6.125% 14/09/2066
WR
BBB+
0
-
-
1000
0
-
GENERAL ELECTRIC CO
6.500% 15/09/2067
A2
A
50
103.12
2.792
50000
38
-
Capital International
GILTS Name TSY 0 1/8% 2019 I/L GILT
Coupon
Maturity
0.125% 22/11/2019
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
Aa1u
-
165
109.54
-2.846
0.01
Amount Next Call Out (mill) Date 8183
-
UK TSY 4 3/4% 2020
4.750% 07/03/2020
Aa1u
NR
57
114.71
0.321
0.01
33309
07/02/2024
UK TSY 3 3/4% 2021
3.750% 07/09/2021
Aa1u
-
57
115.27
0.549
0.01
28385
-
UK TSY 4% 2022
4.000% 07/03/2022
Aa1u
NR
57
117.89
0.592
0.01
37948
-
UK TSY 2 1/4% 2023
2.250% 07/09/2023
Aa1u
-
57
109.38
0.836
0.01
27477
-
TSY 0 1/8% 2024 I/L GILT
0.125% 22/03/2024
Aa1u
-
42
118.72
-2.196
0.01
15244
26/02/2019
UK TSY 2 3/4% 2024
2.750% 07/09/2024
Aa1u
-
57
113.38
0.973
0.01
26915
-
UK TSY 4 3/4% 2030
4.750% 07/12/2030
Aa1u
NR
149
141.07
1.505
0.01
33641
-
UK TSY 4 1/2% 2034
4.500% 07/09/2034
Aa1u
NR
57
142.82
1.706
0.01
31784
24/05/2021
UK TSY 4 1/4% 2040
4.250% 07/12/2040
Aa1u
-
149
146.53
1.848
0.01
24846
15/09/2041
UK TSY 4 1/4% 2046
4.250% 07/12/2046
Aa1u
NR
149
155.05
1.855
0.01
23108
-
CORPORATES US DOLLAR DENOMINATED Name
Coupon
Maturity
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
Amount Next Call Out (mill) Date
100000
2250
-
GAZPROM (GAZ CAPITAL SA)
9.250% 23/04/2019
Ba1
BB+
14
114.27
3.175
PETROLEOS MEXICANOS
5.500% 21/01/2021
Baa3
BBB+
106
106.03
3.930
10000
2962
-
ESKOM HOLDINGS SOC LTD
5.750% 26/01/2021 Ba1 /*-
BB+
101
100.67
5.568
200000
1750
-
PETROBRAS GLOBAL FINANCE
5.375% 27/01/2021
B2
B+
100
100.38
5.272
2000
5250
-
OI BRASIL HOLDINGS COOP
5.750% 10/02/2022
WR
D
87
26.13
39.471
200000
1432
-
APPLE INC
2.400% 03/05/2023
Aa1
AA+
4
100.43
2.328
2000
5500
-
TOTAL CAPITAL CANADA LTD
2.750% 15/07/2023
Aa3
ESKOM HOLDINGS SOC LTD
6.750% 06/08/2023 Ba1 /*-
A+
112
102.02
2.422
2000
1000
-
BB+
91
103.63
6.084
200000
1000
-
SHELL INTERNATIONAL FIN
3.400% 12/08/2023
Aa2
A
85
105.52
2.508
1000
1000
-
VERIZON COMMUNICATIONS
5.150% 15/09/2023
Baa1
BBB+
52
114.12
2.867
2000
8517
-
CITIGROUP INC
3.875% 25/10/2023
Baa1
BBB+
12
106.48
2.843
1000
974
-
GOOGLE INC
3.375% 25/02/2024
WR
AA
72
107.87
2.202
2000
146
-
GENERAL ELECTRIC CO
3.375% 11/03/2024
A1
AA-
56
106.94
2.341
2000
750
-
WAL-MART STORES INC
3.300% 22/04/2024
Aa2
AA
15
106.43
2.355
2000
1500
22/01/2024
AXA SA
8.600% 15/12/2030
A3
BBB+
142
141.00
4.613
1000
1250
-
NAKILAT INC
6.067% 31/12/2033
Aa3
AA-
127
121.00
4.320
100000
850
-
ELECTRICITE DE FRANCE SA
5.625% 29/12/2049
Baa3
BB
105
98.88
5.817
100000
1500
22/01/2024
Innovation Integrity Excellence
CORPORATES EURO DENOMINATED Name
Coupon
Maturity
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
Amount Next Call Out (mill) Date
HEINEKEN NV
2.500% 19/03/2019
Baa1
BBB+
230
105.97
-0.017
1000
850
-
EUROPEAN UNION
3.375% 10/05/2019
Aaa
-
178
109.50
-0.380
1000
1500
-
LLOYDS BANK PLC
5.375% 03/09/2019
A1
A
62
115.40
-0.062
50000
1062
-
AUST & NZ BANKING GROUP
5.125% 10/09/2019
A2
A-
55
114.14
0.148
50000
750
15/09/2017
RZD CAPITAL PLC (RZD)
3.374% 20/05/2021
Ba1
BB+
168
104.00
2.431
100000
901
24/10/2023
ASF
5.625% 04/07/2022
A3
A-
123
130.31
0.232
50000
1575
26/06/2023
HETA ASSET RESOLUTION AG
4.375% 31/12/2023
Ca
-
285
87.29
7.348
50000
30
-
LA POSTE SA
2.750% 26/11/2024
-
A
344
117.80
0.492
100000
1000
07/02/2024
SNCF MOBILITES EPIC
4.125% 19/02/2025
Aa3
AA-
259
130.77
0.353
50000
1000
-
ATLANTIA SPA
4.375% 16/09/2025
Baa1
BBB+
49
131.29
0.719
50000
500
-
CREDIT SUISSE
5.750% 18/09/2025
NR
BBB
47
109.08
3.618
100000
1250
-
IBM CORP
2.875% 07/11/2025
Aa3
AA-
363
119.57
0.634
100000
1000
-
UBS AG
4.750% 12/02/2026
NR
BBB+
262
107.06
3.180
100000
2000
-
GLENCORE FINANCE EUROPE
3.750% 01/04/2026
Baa3
BBB-
217
109.65
2.580
100000
500
-
WAL-MART STORES INC
2.550% 08/04/2026
Aa2
AA
210
116.89
0.692
100000
650
-
PETROLEOS MEXICANOS
3.750% 16/04/2026
Baa3
BBB+
202
98.82
3.900
100000
1000
23/04/2021
LA BANQUE POSTALE
2.750% 23/04/2026
-
BBB-
195
103.82
1.849
100000
750
08/01/2026
ELECTRICITE DE FRANCE SA
4.125% 25/03/2027
A3
A-
224
129.22
1.127
100000
1000
22/01/2026
DEUTSCHE BAHN FINANCE BV
2.750% 19/03/2029
Aa1
AA-
230
123.08
0.784
1000
500
-
ELECTRICITE DE FRANCE SA
5.000% 22/01/2049
Baa3
BB
287
99.52
5.064
100000
1000
01/01/2026
ELECTRICITE DE FRANCE SA
5.000% 22/01/2049
Baa3
BB
287
99.52
5.064
100000
1000
18/09/2020
VOLKSWAGEN INTL FIN NV
4.625% 29/03/2049
Baa2
BBB-
225
102.46
4.298
1000
1750
-
VOLKSWAGEN INTL FIN NV
4.625% 29/03/2049
Baa2
BBB-
225
102.46
4.298
1000
1750
12/02/2021
ALLIANZ SE
4.750% 29/10/2049
A2
A+
11
111.19
3.206
100000
1500
-
ORANGE SA
5.250% 29/12/2049
Baa3
BBB-
271
111.88
3.571
100000
1000
-
ORANGE SA
5.250% 29/12/2049
Baa3
BBB-
271
111.88
3.571
100000
1000
-
DONG ENERGY A/S
6.250% 26/06/3013
Baa3
BB+
131
115.28
4.274
1000
700
24/03/2026
Capital International
HIGHER YIELD STERLING Name
Coupon
Maturity
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
Amount Next Call Out (mill) Date
HOUSE OF FRASER FUNDING
8.875% 15/08/2018
WR
NR
11
-
-
100000
0
-
ITALY GOV'T INT BOND
6.000% 04/08/2028
Baa2u
NR
90
125.26
3.360
1000
1500
-
KONINKLIJKE KPN NV
5.750% 17/09/2029
Baa3
BBB-
48
127.62
3.112
50000
850
-
RZD CAPITAL PLC (RZD)
7.487% 25/03/2031
Ba1
BB+
39
113.72
6.045
100000
650
-
HSBC HOLDINGS PLC
6.000% 29/03/2040
A2
BBB+
220
119.89
4.593
50000
900
-
DIRECT LINE INSURANCE GR
9.250% 27/04/2042
Baa1
BBB+
8
121.97
6.921
100000
500
-
STANDARD LIFE PLC
6.750% 29/07/2049
A3
A-
115
113.77
4.230
1000
500
-
BARCLAYS BANK PLC
14.000% 29/11/2049
Ba1
BB
142
122.79
11.561
50000
3000
-
ELECTRICITE DE FRANCE SA
6.000% 29/12/2049
Baa3
BB
98
100.19
5.603
100000
1250
-
PRUDENTIAL PLC
5.700% 19/12/2063
A3
A-
138
100.93
5.291
100000
700
-
AMERICA MOVIL SAB DE CV
6.375% 06/09/2073
Baa1
BBB
59
106.61
4.828
100000
550
-
US DOLLAR Name CANTOR FITZGERALD LP
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
7.875% 15/10/2019
WR
BBB-
22
111.68
3.646
2000
Coupon
Maturity
Amount Next Call Out (mill) Date 500
-
NORDEA BANK AB
4.875% 14/01/2021
Aa3
AA-
113
111.09
2.094
200000
1000
-
OI BRASIL HOLDINGS COOP
5.750% 10/02/2022
WR
D
87
26.13
39.471
200000
1432
-
ROSNEFT(ROSNEFT INT FIN)
4.199% 06/03/2022
Ba1
BB+
61
98.30
4.562
200000
2000
-
NOVARTIS CAPITAL CORP
2.400% 21/09/2022
Aa3
AA-
46
102.21
1.999
2000
1500
-
SBERBANK (SB CAP SA)
5.500% 26/02/2024
-
-
71
101.88
5.074
200000
1000
-
AXA SA
8.600% 15/12/2030
A3
BBB+
142
141.00
4.613
1000
1250
-
GOLDMAN SACHS CAPITAL I
6.345% 15/02/2034
Baa3
BB
82
120.91
4.579
1000
1360
-
QBE CAP FUNDING III LTD
7.250% 24/05/2041
Baa2
BBB
163
114.00
5.144
200000
539
-
NEWMONT MINING CORP
4.875% 15/03/2042
Baa2
BBB
52
103.59
4.632
2000
1000
-
EURO Name
Coupon
Maturity
Ratings Moody’s
S&P
Days Accrued
Mid Price
Mid YTM
Min Piece
Amount Next Call Out (mill) Date
RZD CAPITAL PLC (RZD)
3.374% 20/05/2021
Ba1
BB+
168
104.00
2.431
100000
901
-
HETA ASSET RESOLUTION AG
4.375% 31/12/2023
Ca
-
285
87.29
7.348
50000
30
-
CREDIT SUISSE
5.750% 18/09/2025
NR
BBB
47
109.08
3.618
100000
1250
-
UBS AG
4.750% 12/02/2026
NR
BBB+
262
107.06
3.180
100000
2000
-
ELECTRICITE DE FRANCE SA
5.000% 22/01/2049
Baa3
BB
287
99.52
4.290
100000
1000
-
VOLKSWAGEN INTL FIN NV
4.625% 29/03/2049
Baa2
BBB-
225
102.46
3.914
1000
1750
-
ALLIANZ SE
4.750% 29/10/2049
A2
A+
11
111.19
3.206
100000
1500
-
ORANGE SA
5.250% 29/12/2049
Baa3
BBB-
271
111.88
3.571
100000
1000
-
GENERAL ELECTRIC CO
5.500% 15/09/2067
A2
A
50
104.48
1.661
50000
201
-
DONG ENERGY A/S
6.250% 26/06/3013
Baa3
BB+
131
115.28
4.274
1000
700
-
Innovation Integrity Excellence
Introducing Trade-Ex Execution Only Dealing Service The Capital International Group’s ‘execution only’ share dealing service, through it’s member company Capital International Limited, provides direct access to UK and overseas equity markets and various asset classes. The service is for clients who are comfortable placing trades or are happy trading online. Dealing in the stock markets is an exciting investment opportunity, be it shares in companies, bonds or even exchange traded funds. As one of the largest independent stockbroking companies on the Isle of Man, the Capital International Group is able to provide clients with a comprehensive execution only service. This service is built on personal trust and is based on solid long-term relationships.
Execution Only
The most straightforward of dealing services; you tell us what to trade and we act for you. This streamlined service and the associated lower costs appeal to self-directed investors and institutions who make their own decisions and don’t wish to be advised upon them. Instructions are given to trade at either the current share price or at a limit; the latter is an instruction to trade at a specific price, with the order only being carried out at the specified price, or better. Trades can also be executed over set time periods either as a day order, which is when an order placed will be active until the end of the day, or until it has been executed or on a ‘Good Till Cancelled’ basis (GTC) which is when an order does not expire at the end of the trading day but carries over to the next; the order will remain active until it is either executed or cancelled. If we can’t fulfil limit orders within time periods set by clients, they will unfortunately lapse.
Capital International
Capital International Limited is a member of London Stock Exchange and an independent Isle of Man based firm. The Group retains the Investor in People accreditation and in recent years it has received local recognition for people management, training and development as well as receiving one of the Isle of Man’s highest accolades as Company of the Year. This level of quality is reflected in the execution only service, Trade-Ex, which comprises of a team of experienced professionals focused on the principle that all orders are transacted on a ‘best execution’ basis in the best interests of clients. The Capital International Group provides Trade-Ex services for institutional, corporate and private clients. This service is tailored toward fast, efficient international trading and settlement at competitive rates.markets, and specialist sectors within collective investment schemes.
Bonds
A bond is an instrument of indebtedness of the bond issuer to the holders, issued by public authorities, credit institutions, companies and supranational institutions. It is a debt security, under which the issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay them interest (the coupon) and/or to repay the principal at a later date, termed the maturity. Interest is usually payable at fixed intervals (semi-annual, annual, sometimes monthly). Thus a bond is a form of loan or IOU: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor), and the coupon is the interest. Bonds provide the borrower with external funds to finance long-term investments, or, in the case of government bonds, to finance current expenditure. Certificates of Deposit or short term commercial paper are considered to be money market instruments and not bonds: the main difference is in the length of the term of the instrument.
This document has been prepared for information purposes only and does not constitute an offer or an invitation, by or on behalf of any company within the Capital International Group of companies or any associated company, to buy or sell any security. Nor does it form a constituent part of any contract that may be entered into between us. Opinions constitute our judgement as of this date and are subject to change. The information contained herein is believed to be correct, but its accuracy cannot be guaranteed. Any reference to past performance is not necessarily a guide to the future. The price of a security may go down as well as up and its value may be adversely affected by currency fluctuations. The company, its clients and officers may have a position in, or engage in transactions in any of the securities mentioned.
Isle of Man | Head Office Capital International Group Capital House Circular Road Douglas Isle of Man IM1 1AG www.capital-iom.com T: +44 (0) 1624 654200 F: +44 (0) 1624 654201 E: info@capital-iom.com
South Africa Office
www.capital-sa.com T: +27 (0) 21 201 1070 E: info@capital-sa.com The regulated activities are carried out on behalf of the Capital International Group by its licensed member company Capital International Limited is licensed by the Isle of Man Financial Services Authority Capital International Limited is a member of the London Stock Exchange Registered Address: Capital House, Circular Road, Douglas, Isle of Man, IM1 1AG
CIG - Bond List - V4.01-11.16
Capital International SA Office NG101A Great Westerford 240 Main Road Rondebosch 7700 South Africa
Capital International Group
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