Issue of Bonds

LAW DEBENTURE CORPORATION PLC
10 September 1999

                            
   ISSUE OF £40 MILLION GUARANTEED SECURED BONDS 2034

The Directors of The Law Debenture Corporation p.l.c.
('Law Debenture') announce that it is issuing, through
its subsidiary Law Debenture Finance p.l.c., £40 million
of Guaranteed Secured Bonds 2034 (the 'Bonds').  The
issue is being managed by Warburg Dillon Read.

The Bonds will be secured by a floating charge over the
whole of Law Debenture's assets.  The charge will rank
second in point of security to the £350,000 4.5 per cent
Debenture Stock until the latter debenture is repaid on 1
December 1999.

The Bonds will carry a coupon of 6.125% to be payable by
equal half-yearly instalments on 12 April and 12 October,
and have been issued at a price (the 'Issue Price') of
98.61%.  The gross redemption yield at the Issue Price is
6.223%, equating to a margin of 145 basis points over the
yield on the 6 per cent Treasury Stock 2028 at the time
of pricing.  The first payment of interest will be on 12
April 2000.  The closing date for the issue will be 12
October 1999.  The Bonds will be available in both bearer
eurobond and domestic registered form.

Application has been made to the London Stock Exchange
for the Bonds to be admitted to the Official List.  It is
expected that official dealings in the Bonds will
commence at 8.30 a.m. on 13 October 1999.

The Chairman, John Kennedy commented: 'In the view of Law
Debenture, long dated gilt yields have fallen to
anomalously low levels by current international
standards.  The after tax cost of these bonds to Law
Debenture is below 4.35% per annum on present
assumptions, and we are confident that locking in
borrowing at this level constitutes an excellent
opportunity to enhance long term shareholder returns.
The ability to gear the balance sheet in this way is one
of the major advantages of the investment trust structure
over other savings vehicles. '


For further information, please contact:

Christopher Duffett Law Debenture:           020 7696 5232
Frank Kennedy       Warburg Dillon Read:     020 7567 4458