Paragon of virtue: green sub debt arrives in UK
Paragon Banking Group this week became the first UK lender to launch a subordinated bond in an ESG format. The bank was looking to replace its only outstanding tier two with a new green-labelled transaction.
Paragon opened books for the 10.5 year non-call 5.5 green tier two on Wednesday morning.
Lead managers Bank of America, Barclays and UBS set out with initial price thoughts in the 4.5% area, following two days of marketing calls with investors.By lunchtime, the leads had welcomed £180m ...