ORB pricing/spread-placing orders

Hope someone can help with this please-when trying to place an order with my broker ( H.L. ) either online or phone for already issued bonds they quote a spread to buy/sell. But when in my opinion the spread is quite wide ( say 4-5 basis points ) and i want them to try a bid or offer for me they refuse and just say that is the spread. I thought all bonds like shares are biddable so why not ORB bonds or am i with the wrong broker ? As H.L. are retail brokers maybe they can't execute my instruction to bid/offer but maybe a main stream broker like Cannacord or say Redmayne could ? Am i correct in that presumption.? I am talking of average orders of around £10,000 at a time.
Thanks in advance for any comments received.


  • Can't speak for H.L. but when I've purchased bonds through iDealing.com they've usually managed to get a better price that the ask price and have always been happy to try.
  • I usually get a better price than the bid or offer quoted on the LSE ORB screen. On HL I only trade online, and you get a chance to accept the quote or not.

    Most of my bonds are in YouInvest, I always place a fill or kill order based on where on last price traded on the ORB, I tend to give away a bit of value, but always inside the bid offer.
    The Market Makers on the ORB are slowish to move their bid-offer, so it is much easier to sell into a rising market, or buy a falling market.

    Some bonds are much more ill-liquid, eg Charity Bonds , and if you need to trade them then you might have to trade at the bid.
    About 60-70% of my fill or kill orders trade.

    I also have an account with Redmayne Bentley, they are very expensive, but can trade in hard to find bonds, eg ENQUEST USD bonds, they can work all types or orders, fill or kill, good till close, usually for large size, £100,000+, the sliding scale for commission makes it better value for large trades.

    Ps 1 basis point = 1/100th of 1%, so 0.25% interest is 25 basis points.
  • Thanks to both Laughton and Paddy for your insights, armed with your info should be helpful for my next trades.
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