A bond with Britain and its Capital Markets

We’ve started this year with an exciting milestone for the UK’s capital markets. From 19 January 2026, investors will have even more opportunities to access corporate bonds listed on the London Stock Exchange’s Main Market

The United Kingdom has the second largest pool of investment capital in the world, but through regulatory constraint and derisking, opportunities to direct this capital to its companies has become more limited over time. Now, policy change through the FCA’s new Prospectus Regime will accomplish something big, ushering in a new era in capital markets for British companies and investors – and hence why we are launching our “Let’s talk Bonds” campaign. 

The Financial Conduct Authority’s (FCA) new Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook introduces a single wholesale-based disclosure standard for issuing bonds.

The new rules include a single disclosure standard for all non-equity securities, replacing previous rules whereby more documents, disclosure and disclaimers were required if accessing non-professional investors in bond markets. Reducing the regulatory burden and costs for issuers and enabling them to offer bonds in low denominations with the same execution certainty as they currently have in wholesale markets, positions the UK ahead of its peers in Europe.

The FCA’s new rules implement its Public Offers and Admission to a Regulated Market (POATR) regime – which itself is a product of a generational shift in the UK’s capital markets regulatory framework post-Brexit, including initiatives such as the Edinburgh Reforms, Mansion House Compact, Listing Rule Changes for the Main Market and the PISCES regulation for private markets.

To support the policy change and cast a lens on fixed income, the London Stock Exchange will flag bonds available to all investors in the UK as “Access Bonds”. This means that the bond may be suitable for both professional and non-professional investors. Bonds that meet the FCA’s “Plain Vanilla Listed Bond” (PVLB) definition, i.e. straightforward fixed-rate bonds issued by UK equity-listed companies, will also be displayed as Access Bonds on our website, providing further visibility to investors.

Issuers will now have a simpler framework to issue Access Bonds, in multiple currencies and in lower dominations, enabling them to access a broader set of investors over time.

Issuers can gain access to a wider investor base, and advisors have new options for resilient portfolios. In addition, individual investors can now participate in the same market as institutions, supporting UK businesses while building a robust investment profile.

At a time when investors seek steady income and diversification, fixed income offers predictability. Corporate bonds can provide regular interest payments and help balance risk. Until now, Gilts were the primary low-denomination option. With Access Bonds, corporate bonds join the mix, opening opportunities across the credit spectrum.

Access Bonds, which are available to all investors, will follow the FCA’s single disclosure standards and benefit from a unified framework, eliminating the need for separate retail and non-retail order books. Due to this, the London Stock Exchange’s Order Book for Retail Bonds (“ORB”) will integrate into the Order Book for Fixed Income Securities (OFIS), creating a single venue for trading and improving liquidity, price formation, and transparency. Existing ORB-listed bonds will remain available on OFIS, preserving continuity while delivering a more efficient structure for the future.

Access Bonds are part of a wider transformation of UK capital markets, the most significant in decades. These reforms aim to unlock capital, boost competitiveness, and make markets work better for everyone. Retail participation is a key focus. While direct share ownership has declined, overall retail investment is growing, with funds under management and ISA inflows hitting record highs.

Lowering barriers to bonds is about more than access. It’s about informed participation. ‘Let’s talk Bonds’ will raise awareness of the opportunities available through fixed income and provide simple, practical guides to help investors understand the basics.

It forms part of a wider effort across the industry to ensure investors have the right tools and resources to participate confidently and safely, promoting transparency and informed decision-making.

By reducing barriers and investing in education, we’re creating a more inclusive, transparent, and resilient financial system that supports issuers, serves investors, and drives growth.

This is your opportunity to Bond with Britain. Join us on the journey and explore the future of UK capital markets.

If you have questions or need additional information, please contact our Fixed Income team at bonds@lseg.com.