PITY the poor marketing people at Connaught. Last week they were offering investors up to 11 per cent ''guaranteed'' for the first year on a With-Profits Bond product by Royal Life. No sooner had Connaught placed its advertisements when Matheson PFC popped up offering the same product to investors with a slightly more generous first year guarantee of up to 12.35 per cent. Thomas Spencer and Associates was more cautious and made its offering in a less public way by writing to all its clients. The bond is a 10-year investment bond which guarantees to pay a minimum bonus of 8.25 per cent for the first year for all new investments made before April 30. The ''guarantees'' vary from one intermediary to another because each one has decided to enhance the product from the commissions paid by Royal Life. With interest rates worldwide starting to fall the Royal Life International 10 Year With Profits Bond - Series 2 is considered a good long-term investment. The minimum investment is GBP10,000 to a maximum of GBP500,000 (about HK$111,500 to GBP5.6 million). There is an establishment charge of 0.5 per cent for the first six quarters with no management and bid/offer spread charges. Investors can elect to take a regular annual withdrawal of five per cent of the original investment without charge (excluding any attaching bonuses.) The bond may be surrendered in full at any time except during the first six months the policy is in force. Apart from the regular annual withdrawal, withdrawals and partial surrenders are not permitted.