Shawbrook wins demand for 9% tier two
Shawbrook Group, the specialist UK lender, was able to price a new tier two at 9% this week. The deal is set to replace an older bond, which is subject to a tender offer and is otherwise callable later this year.
Shawbrook said on Wednesday that it was looking for £75m-£100m of new tier two capital.
It hired ABN Amro and Deutsche Bank as joint bookrunners for a 10.25 year non-call 5.25 deal, which they began marketing at an interest rate in the 9% area.A day ...