Leeds builds up MREL buffer with non-pref debut

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By Frank Jackman
09 Mar 2021

Leeds Building Society returned to the senior sterling market on Tuesday after more than a decade away. It was its first foray into the non-preferred format, which will help it build up its buffers over its minimum requirements for own funds and eligible liabilities (MREL).

The borrower had announced on Monday that it was looking to launch a sterling denominated six year non-call five trade in non-preferred senior format.

Leads BNP Paribas, HSBC, NatWest Markets, Nomura and UBS kicked off the sale a day later with initial price ...

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