Metro pulls MREL debut, despite 7.5% coupon

By Tyler Davies
23 Sep 2019

Metro Bank had to cancel its plans to sell its debut non-preferred senior bond on Monday as investors focused on the risks overhanging its business. The UK challenger bank's inability to access the market, despite offering a 7.5% coupon, raises important questions ahead of a looming deadline for it to meet the minimum requirements for own funds and eligible liabilities (MREL).

Metro Bank opened order books on a four year non-call three note in the sterling market on Monday morning.

Bank of America, NatWest Markets and RBC Capital Markets were the bookrunners, having been hired to take the deal on a roadshow in the UK last ...

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