Co-op features in bond market resurrection ahead of Easter

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By Tyler Davies
17 Apr 2019

Co-operative Bank managed to raise £200m of tier two capital this week, in its first bond sale since coming close to failing in 2017. A healthy coupon of 9.5% helped the UK lender to find the demand it needed, even if one investor said that there was still “not much to like” about its credit profile.

Credit Suisse was the sole bank tasked with arranging the 10 year non-call five transaction. It opened the pricing in the 9.5% area on Wednesday morning — one of the highest coupons that has been seen in the sterling market in the past five years.

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