Virgin Money senior gets acquisition tailwind to sail 10 times subscribed

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Virgin Money senior gets acquisition tailwind to sail 10 times subscribed

Large window sign at branch of Virgin Money bank in Birmingham city centre

◆ More upside potential seen in the Virgin Money credit after Nationwide bid ◆ Deal is 10 times covered after already some 70bp tightening and another 50bp during execution ◆ Some estimates put NIP at close to 20bp when many recent deals are coming close to FV

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