Co-op Bank surprises market with Warwick deal
The Co-operative Bank sold more than £1.7bn ($2.24bn) of UK mortgage notes in its latest Warwick transaction on Friday, surprising many in the market who had little idea that the issuer was actively marketing a new deal.
The £1.74bn deal, which was 144a compliant, was arranged by Citi with Bank of America Merrill Lynch acting as joint lead manager.
The deal came as a surprise to many in the market, with no widespread marketing or syndication process ahead of the placement.
“I just saw
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