Virgin Money capitalises on sterling scarcity with T2 deal

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By David Freitas
02 Sep 2020

Virgin Money UK tested the strength of the sterling market this week by looking to raise tier two debt. The UK lender was able to tighten pricing by 50bp and print inside fair value, and the new trade accompanied a tender offer of the issuer’s old securities.

Virgin Money UK said on Tuesday that it was meeting with investors to gauge interest for a 10.25 year non-call 5.25 tier two bond in the sterling market.

On Wednesday, lead managers BNP Paribas, Bank of America, Lloyds and NatWest Markets went out with price ...

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