Metro Bank announces the successful pricing today of a £350 million six year maturity callable in five years (6NC5) MREL-eligible senior non-preferred debt transaction at a coupon of 9.500%. Following this MREL debt issuance, Metro Bank will meet, on a pro-forma basis*, its interim MREL requirement plus buffers of 21.5%.
Metro Bank appreciates the strong support shown by investors in today's transaction, resulting in an order book in excess of £550 million from 60 accounts and allowing the issuance to be upsized from the original size of £300 million.
Metro Bank remains focused on optimising its capital allocation and returns. As set out in its H1 2019 results, the Bank will continue to evaluate all management actions available to enhance its overall capital efficiency and continue to meet its regulatory requirements. Such actions could include, but are not limited to, further inorganic measures such as asset sales or securitisation.
*Based on RWAs as at H1 2019 of £9,372m which are updated for the July 2019 mortgage book disposal.