Bond Factsheet
JUSTLN 9.000% 26Oct2026 Corp (GBP)
Just Group PLC
Indicative
Full Lot
Bid Price 100.287
Change in Bid Price 0.006
Bid Yield (%) 3.594 %
Change in Bid Yield 0.140
Ask Price 100.420
Change in Ask Price 0.009
Ask Yield (%) 1.258 %
Change in Ask Yield 0.201
Indicative price as of 02 Oct 2026, 4:33pm
Bond Issuer
Just Group PLC
Guarantor
Just Retirement Ltd
Announcement Date
18 Oct 2016
Issue Date
26 Oct 2016
Maturity Date
26 Oct 2026
Years to Maturity / Next Call
0.061 / -
Modified Duration
0.054 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
9.000
Coupon Type
Fixed
Annual Coupon Rate
9.000
Coupon Frequency
Semi Annually
Seniority
Subordinated
Reference Rate
-
ISIN
XS1504958817
CUSIP
QZ9235149
Bond Currency
GBP
Total Issue Size
250,000,000
Outstanding Issue Size
5,394,000
Min. Investment Quantity (Nominal)
GBP 100,000
Incremental Quantity (Nominal)
GBP 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Insurance
Issuer Credit Rating (S&P/ Fitch)
***/ A
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
Others
Deferral Interest Payment
Other than in the circumstances set out in Condition 3.2 and without prejudice to Condition 11.3(a), all payments by the Issuer under or arising from the Notes and the Trust Deed (other than payments made to the Trustee acting on its own account under the Trust Deed in respect of its costs, expenses, liabilities or remuneration but including, without limitation, any payments in respect of damages awarded for breach of any obligations thereunder) shall be conditional upon the Issuer being solvent at the time for payment by the Issuer, and no amount shall be payable by the Issuer under or arising from the Notes and the Trust Deed unless and until such time as the Issuer could make such payment and still be solvent immediately thereafter (the “Issuer Solvency Condition”).
Issuer Mandatory Deferral of Interest
Payment of interest on the Notes by the Issuer will be mandatorily deferred on each Mandatory Interest Deferral Date. The Issuer shall notify the Noteholders, the Trustee and the Principal Paying Agent of any Mandatory Interest Deferral Date as provided in Condition 6.7 (provided that failure to make such notification shall not oblige the Issuer to make payment of such interest, or cause the same to become due and payable, on such date).
Guarantor Mandatory Deferral of Guaranteed Amounts in respect of interest
Any Guaranteed Amounts in respect of interest which would otherwise become due and payable under the Guarantee on a date which is a Guarantor Mandatory Interest Deferral Date will be mandatorily deferred. The Guarantor shall notify the Noteholders, the Trustee and the Principal Paying Agent of any such deferral as provided in Condition 6.7 (provided that failure to make such notification shall not oblige the Guarantor to make payment of such Guaranteed Amounts, or cause the same to become due and payable, on such date).
No default
Notwithstanding any other provision in these Conditions or in the Trust Deed, neither:
(a) the deferral by the Issuer of any payment of interest (i) on a Mandatory Interest Deferral Date in accordance with Condition 6.1 or (ii) as a result of the non-satisfaction of the Issuer Solvency Condition in Condition 3.4; nor
(b) the deferral by the Guarantor of any payment of any Guaranteed Amounts in respect of interest (i) on a Guarantor Mandatory Interest Deferral Date in accordance with Condition 6.2 or (ii) as a result of the non-satisfaction of the Guarantor Solvency Condition in Condition 4.6, will constitute a default by the Issuer or the Guarantor and will not give Noteholders or the Trustee any right to accelerate repayment of the Notes or take any enforcement action under the Notes or the Trust Deed (including the Guarantee).
Additional Note
JRP Group changes name to Just Group plc on May 2017.
Deferral of Redemption
No Notes shall be redeemed by the Issuer on the Maturity Date or on any other date set for redemption pursuant to Conditions 8.5 or 8.6 if (i) a Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if the Notes were to be redeemed, (ii) the Relevant Regulator does not consent to the redemption (to the extent that consent is then required by the Relevant Regulator or the Relevant Rules) or (iii) redemption would otherwise breach the provisions of the Relevant Rules which apply to obligations eligible to qualify as Tier 2 Capital.
In addition, the obligations of the Guarantor under the Guarantee to make payment of Guaranteed Amounts in respect of principal, interest, Arrears of Interest or any other amount in relation to the redemption of the Notes will be mandatorily deferred if (i) a Guarantor Regulatory Deficiency Redemption Deferral Event has occurred and is continuing or would occur if such payment were to be made, (ii) the Relevant Regulator does not consent to the payment of such Guaranteed Amounts (to the extent that consent is then required by the Relevant Regulator or the Relevant Rules) or (iii) making payment of any Guaranteed Amounts in respect of principal, interest, Arrears of Interest or any other amount in relation to the redemption of the Notes would otherwise breach the provisions of the Relevant Rules which apply to obligations (or guarantees in respect of obligations) eligible to qualify as Tier 2 Capital.
If redemption of the Notes is deferred, the Issuer will redeem the Notes as provided in Condition 8.2 or the Guarantor will pay the Guaranteed Amounts in respect of the redemption of the Notes as provided in Condition 8.3.
The deferral of the redemption of the Notes (or Guaranteed Amounts in respect of the redemption of the Notes) as described above will not constitute a default under the Notes or the Guarantee for any purpose.
Redemption, substitution or variation at the option of the Issuer upon a Capital Disqualification Event
If a Capital Disqualification Event has occurred and is continuing or, as a result of any change in, or amendment to, or any change in the application or official interpretation of, any applicable law, regulation or other official publication, the same will occur within a period of six months, the Issuer may at any time upon notice to Noteholders either:
(a) redeem all (but not some only) of the Notes at their principal amount, together with any Arrears of Interest and any other accrued and unpaid interest to (but excluding) the date of redemption (subject as provided under “Deferral of Redemption” below); or
(b) substitute all (but not some only) of the Notes for, or vary the terms of the Notes so that they become or remain, Qualifying Tier 2 Securities,
all as more particularly described in Condition 8.6.
a “Capital Disqualification Event” is deemed to have occurred if, as a result of any replacement of or change to (or change to the interpretation by any court or authority entitled to do so of) the Relevant Rules, no part of the principal amount of the Notes counts or qualifies as Tier 2 Capital for the purposes of the Issuer, the Insurance Group or any insurance or reinsurance undertaking within the Insurance Group (whether on a solo, group or consolidated basis), except where such non-qualification is only as a result of any applicable limitation on the amount of such capital.
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