Norwich Union plans equity release bond

Norwich Union Equity Release Ltd plans to start roadshows for a 379 million pound ($662.3 million) sterling denominated home equity release bond on Thursday, a source close the deal said on Monday. Pricing is possible in the week of July 25, although a final decision has not been taken, the source said.
Home equity loan schemes typically involve older borrowers who have paid off all or nearly all of their mortgages, who can then cash in the value of their homes for a lump sum or income.