Co-op snaps up £275m 10 year debt after Britannia exchange
The Co-operative Bank scooped £275m of new 10 year tier two debt on Wednesday after persuading holders to exchange as much as 80% of a euro denominated subordinated bond. Participation came from holders of Eu149.2m of the UK bank’s 2016 tier two note — which was originally a Eu300m issue sold by Britannia Building Society in May 2006, with Eu184m recently outstanding.
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