TwentyFour AM anchors innovative but puzzling AT1 from Coventry

Coventry Building Society was set on Tuesday to become the first ever issuer to simultaneously sell new additional tier one notes and tender for outstanding bonds, in an approach that could soon be followed by other European financial institutions. The transaction was facilitated by TwentyFour Asset Management, which is a ‘significant investor’ in both the firm’s new and old AT1s.

  • By Tyler Davies
  • 26 Mar 2019

Coventry Building Society said on Monday that it was inviting holders of its £400m 6.375% AT1 to tender for their securities before they hit their first call date in November.

The move was surprising because these bonds are less than five years old and the EU’s Capital Requirements ...

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