Sky high MREL costs cast shadow over Metro Bank’s future
Metro Bank could be forced to overhaul its strategy for growth after agreeing to pay an exorbitant rate on a new senior bond this week, in desperation to meet a looming set of regulatory requirements. Tyler Davies reports.
The UK challenger bank will pay a 9.5% coupon on £350m of non-preferred senior securities — the highest level for any sterling-denominated bank bond in recent years, even among the riskiest types of subordinated debt.It had been under pressure to sell the bonds because it was ...
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