Royal London Asset Management
Royal London AM Corporate Bond Monthly Income Trust
Mega-cap Income
Jun 2026 → Jun 2026
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What it bought and sold
We also bought a new issue for London-based shopping centre Westfield Stratford City following the early repayment of existing bonds at par, which represented a premium to existing market pricing.
One of these was education publisher Pearson, issued with a yield premium which we felt more than compensated for the perceived AI disruption risk.
and Uniqa Insurance, one of the largest insurance groups in Austria and Central and Eastern Europe.
over the quarter added a new sterling- denominated hybrid from French utility Engie at a yield well over 6%.
adding lower tier 2 issues from Santander, Lloyds Bank, and a relatively rare issue from Goldman Sachs,
adding lower tier 2 issues from Santander, Lloyds Bank, and a relatively rare issue from Goldman Sachs,
In the social housing sector we added a new issue from Sage Housing, England’s largest provider of new build affordable housing for the past five years.
In real estate, Vonovia, one of Europe’s largest residential real estate companies headquartered in Germany, came to market with a sterling-denominated 12-year bond.
we did add modestly to senior bonds, including a new green senior sterling-denominated issue by Dutch bank ABN AMRO.
adding lower tier 2 issues from Santander, Lloyds Bank, and a relatively rare issue from Goldman Sachs,
we participated in new deals including subordinated bond new issues from BNP Paribas Cardif,