Co-op bags last gasp MREL at 9%
The Co-operative Bank has completed the sale of a new senior bond just in time for a step-up in its minimum requirements for own funds and eligible liabilities (MREL). The UK issuer needed a chunky coupon to get its deal done, but managed to price through the trading levels on its outstanding tier two.
Co-op opened order books for a £200m five year non-call four bond on Friday, having spent most of the week in meetings with potential investors.
Bookrunners Credit Suisse and Goldman Sachs began marketing the deal with price thoughts in the 9%-9.25% area.Once they had received ...