Investec revisits tier two liability management exercise and prepares to bring 2011’s first LT2

Investec has resuscitated a tier two liability management exercise which it had cancelled in September 2010 amid regulatory uncertainty. As part of the deal, Investec will also price a new lower tier two issue, the first of the year and the first in the sterling market since April last year. New investors can come into the deal, although their allocations will be dependent on how much outstanding bondholders put up for exchange.