Fixed-rate 7% bonds 'widely available'

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Fixed-rate 7% bonds 'widely available'

Defaqto has noted that there are now a significant number of fixed-rate bonds offering rates of seven per cent or higher on the market.

It attributes this to the eagerness of banks and building societies to attract retail funds.

The financial research company cites 16 such bonds, includes products from Abbey, FirstSave and Bradford & Bingley.

David Black, principal consultant of banking for Defaqto, commented: "It's a rare event when fixed rate bonds paying two per cent above the base rate are freely available. Last year, when the base rate was higher than it is now, a handful of seven per cent bonds were briefly offered but these were quickly withdrawn as investors piled in."

He suggested that the high number of such products now available indicates they will be around for the foreseeable future.

In related news, Abbey recently released a new fixed-rate bond, a 50-plus bond and a children's savings bond.
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