A couple of months ago I posted Bradford & Bingley and Northern Rock Subordinated Bonds – The End Game following the announcement that HM Treasury (B&B and NRAM’s ultimate shareholder) had asked the European Commission to amend the Commitment to permit B&B and NRAM to exercise optional call rights or to take certain steps to manage their exposure to their subordinated bonds and former PIBS in a cost-effective manner. That post has turned out to be one of my better predictions because last Friday 28 November B&B and NRAM announced tender offers for all outstanding issues of their subordinated bonds. After 5 years of research, analysis and lobbying on these subordinated bonds it feels rather strange to be writing what is likely to be my last post on the subject. I hope you feel my efforts have been worthwhile.
At this stage I should make it clear that this post is for information purposes only and you should not rely on the accuracy of any information in it. Also I am not able to give financial investment advice and that nothing I write should be construed as such. Also, that credit to UKAR, I have been involved in the offer on a voluntary unpaid basis and that I hold some B&B and NRAM subordinated bonds myself. So I hope you will appreciate that, as was the case with my Co-op Bank Campaign, I am somewhat restricted in what I can say. However, I have put together the following summary of useful links for information on the offers and a table I have put together to show the main retail bonds tendered for. As always I would welcome comments by email to mark@fixedincomeinvestments.org.uk and if you spot any errors or would like me to add any information to this page please let me know.
While I cannot give advice on the offers I would urge all affected bondholders to take time to understand them and, if necessary, seek help in making a decision. I know UKAR have produced a helpful summary / Q&A sheet for retail investors and have also set up a helpline.

Offer Announcements

Bradford & Bingley:
Notice of tender offers: Perpetual Subordinated Bonds (includes the Bradford & Bingley 13% and 11.625% PSBs / former PIBS)
Notice of tender offers: Dated and Callable Subordinated Bonds (includes the Bradford & Bingley 5.625% and 6% Callable Perpetual Subordinated Bonds)
NRAM:
Notice of tender offers: Perpetual Subordinated Bonds (includes the NRAM 12.625% PSBs / former Northern Rock PIBS)

Media Coverage of Offers

28 Nov 2014: Financial Times – UKAR offers to buy back subordinated debt

Summary of Main Retail Held Bonds Tendered For