Loose Change

FUND MANAGER M&G is launching a new corporate bond PEP which aims to take advantage for the first time of the high-yield corporate bond market. The PEP aims to deliver an income of 8 per cent, with the potential for some capital growth. The High Yield Corporate Bond PEP will have no initial charges but a sliding scale of withdrawal fees in the first five years. Call 0800 3898601.

NATWEST LIFE is extending the terms of its Guaranteed Capital Bonds, despite recent volatility in the market which has prompted some providers to withdraw planned launches. The bonds have two fixed terms, 3.5 and 5.5 years. They are linked to the FTSE-100 and will deliver up to 130 per cent or 160 per cent of the FTSE's performance, or your money back if markets fall. Minimum investment is pounds 5,000. Call 0800 255200.

LIVERPOOL VICTORIA is launching a Mutual Investment Bond, a with-profits bond that invests in a mixture of shares, gilts, property and cash. No initial charges or policy fees are levied, while Liverpool Vic guarantees that if the bond price has not grown in the first year, the society will make up the difference. Investments above pounds 10,000 receive an additional allocation of 1 per cent rising in stages to 2 per cent for investments above pounds 50,000. Existing members receive an extra 1 per cent allocation. Charges are 0.125 per cent a month, falling to 0.05 per cent after five years. Call 0800 550050.

CANADA LIFE is launching a high-income bond offering 8 per cent free of basic rate tax. Bonuses of up to 0.6 per cent are available on investments before October 6 1998. The five-year bond matures in January 2004. Its maturity value depends, however, on the performance of the FTSE-100 over a four-year period up to December 6 2003, with the index averaged over the last six months. Details are available from independent advisers. Call 0117 9711177 for details of advisers near you.

WOOLWICH UNIT Trust Managers (WUTM) is offering a 2 per cent discount on investments into its stockmarket and international managed funds between now and the end of October. For a customer planning to invest the full pounds 6,000 PEP allowance, this means a saving of pounds 120 off the normal charge of 5 per cent. Details from any Woolwich branch, or call WUTM on 0345 626362.

STAFFORDSHIRE BUILDING Society is launching a one-year fixed rate bond paying 7.25 per cent gross. The bond will allow a penalty-free switch of up to pounds 3,000 into a Staffordshire cash ISA at any time after April 6 1999, when Individual Savings Accounts come into being. The minimum balance is pounds 2,500, with a maximum investment of pounds 500,000. Call 01902 317318.

CHARTWELL INVESTMENT Management, a financial adviser, is offering an immediate bonus of up to 5 per cent on any bonus bought through the firm. The bonus is available because Chartwell rebates the initial commission of 5 per cent. The money can either be added to the investment or paid separately. The firm is also offering readers of The Independent a free copy of its With Profit Bond Guide, which explains how they work and which ones may be most suitable. Call 01225 446556.