Shawbrook wins demand for 9% tier two

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By Tyler Davies
03 Jul 2020

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 ...

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