• WRAP concludes the largest retail investor participation in a new issue gilt deal to date in October 2025
  • In total, over £70m was raised from retail investors in the 5.25% 2041 Gilt
  • WRAP continues to grow in the wake of a hugely successful H1 2025

Winterflood Securities announced that its Winterflood Retail Access Platform (WRAP) facilitated the largest retail participation in a new issue Gilt offering since launching the service in February 2024. On 14 October 2025, over £70m of the 5.25% 2041 Gilt was distributed via WRAP to retail intermediaries.

The 5.25% 2041 Gilt offer was the most successful fixed-income transaction that has included retail investors in recent years. It comes on the heels of a hugely successful H1 2025 for WRAP, in which over 50 transactions have been executed.

Since the beginning of September alone, there have been 12 offerings to retail investors through the WRAP platform, over half of which were oversubscribed, a testament to both resilient retail investor demand and the effectiveness of WRAP itself.

Michael Smith, Head of Debt Capital Markets at Winterflood, said:

“Retail investors have become increasingly active in Gilts - both in the primary and secondary markets - over the past 18 months. With the support of our investor base, we’ve grown the primary market from virtually nothing to a level of demand that is now highly relevant to UK corporate issuers.

“Growth in new issue Gilts is encouraging, but the bigger picture here is the reintroduction of retail investors into the corporate bond markets. We see the current demand for Gilts as a proxy for the latent appetite for UK corporate bonds.

“At the moment, there are only a handful of corporate bonds accessible to individual investors. But from January 2026, new rules will allow Sterling bond issuers to include retail investors in both primary and secondary markets simply by lowering their minimum denominations from £100,000 to more retail-friendly levels. Most issuers already have listed equity and established retail followings — and these new rules will allow them to tap directly into that demand.”

Joe Winkley, Director & Head of Corporate Services at Winterflood, said: 

“We see continued, resilient retail investor demand for a range of asset classes, despite macroeconomic headwinds. Through WRAP, we can leverage this demand to provide capital for issuers, whether they be corporates or the DMO. As these recent successes show, in accessing capital through retail offerings, WRAP is best-in-class.” 

If you would like to discuss WRAP in more detail, please contact Joe Winkley, Director & Head of Corporate Services or Michael Smith, Head of Debt Capital Markets at Winterflood