John Lewis to issue retail bond for customers
The John Lewis Partnership has issued a retail bond for customers of its Partnership and account cards.
The bond is a five-year savings product with a fixed annual return of 4.5 per cent in cash with a further 2 per cent paid in John Lewis gift vouchers.
The bond is available for investment of between £1,000 and £10,000 – in multiples of £1,000 – with applications to be received by 11 April 2011.
The offer is available on a ‘first come, first served’ basis and will be closed when the total bond applications reach £50 million.
Charlie Mayfield, chairman of the John Lewis Partnership, said, ‘For many years the Partnership has raised finance via corporate bonds and bank lending.
‘We want to explore alternative ways of raising funds as part of the Partnership’s borrowing programme, and to reach out to the retail investor.’
The partnership will return all money after the end of five years.
