Tesco Bank aims to repeat retail success
Tesco Bank has launched its third retail bond through the London Stock Exchange’s order book for retail bonds (ORB) platform. It will aim to replicate the success of its previous two deals, which netted the firm £125m and £60m, as well as that of other issuers that have recently tapped retail investors, such as door-to-door lender Provident Financial.
The deal, which is being managed by Barclays and Investec, will have a tenor of 8-1/2 years and carries a coupon of 5%.
A banker involved in the transaction told EuroWeek Bank Finance
that the 5% coupon was a big driver for retail investors and that pushing the
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