Coventry Building Society readies non-pref debut

By Frank Jackman
19 Apr 2021

Coventry Building Society is set to sell its inaugural non-preferred senior bond, which it will use to optimise its balance sheet ahead of a deadline for its end-state minimum requirements for own funds and eligible liabilities (MREL).

The UK lender (A2/–/A-) is preparing to issue a short 10 year non-preferred senior bond in sterling, its first in the format.

It picked Barclays, Credit Suisse, Lloyds and NatWest Markets to arrange investor calls on Monday ahead of the sale.

Ahead of the meetings, ...

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