Onshore bonds hit harder by sales dip

We probably all know the phrase "may you live in interesting times". Looking at the ABI figures for sales of offshore products in the first quarter of 2008 shows we are certainly living in just such times. The level of new business was down by about 14% on the same time last year. Equivalent figures for onshore bonds are even worse at 30% lower. So why the fall? Some of the fall in offshore business has been as a result of the reduction in the appeal of offshore business to corporate investors. Changes to the tax position mean companies can no longer defer tax by holding an offshore bond....