SVB set to raise £50m through bond

SVB, the Lloyd's insurer, is raising £50m through a convertible bond fully underwritten by ABN Amro Rothschild to support business growth.

The bonds, due in 2008, are expected to pay an interest rate of between 6% and 7%. The rate for converting back into shares will be at a premium of 20%-25% of SVB shares at the time of pricing.