Metro Bank PLC Successful pricing of £350m MREL debt issuance (5696O)
October 02 2019 - 11:13AM
UK Regulatory
TIDMMTRO
RNS Number : 5696O
Metro Bank PLC
02 October 2019
METRO BANK PLC
Legal Entity Identifier: 213800X5WU57YL9GPK89
2 October 2019
Metro Bank Successfully Prices a GBP350 Million MREL-Eligible
Debt Issuance
Metro Bank announces the successful pricing today of a GBP350
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 GBP550
million from 60 accounts and allowing the issuance to be upsized
from the original size of GBP300 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 GBP9,372m which are updated for
the July 2019 mortgage book disposal.
ENDS
Enquiries
For further information on this announcement, please
contact:
Metro Bank PLC
Investor Relations
Jo Roberts
+44 (0)20 3402 8900
IR@metrobank.plc.uk
Media Relations
Charlotte Sjoberg / Tina Coates
+44 (0)7970 633255 / +44 (0)7811 246016
pressoffice@metrobank.plc.uk
Teneo
Charles Armitstead / Haya Herbert-Burns
+44 (0) 7703 330269 / +44 (0) 7342 031051
Metrobank@teneo.com
About Metro Bank
Metro Bank is the revolution in British banking. It is
celebrated for its exceptional customer experience and achieved the
top spot in the Competition and Market Authority's Service Quality
Survey among personal current account holders for its overall
service and came second among business current account holders in
August 2019. It was also awarded 'Best All Round Personal Finance
Provider' at the Moneynet Personal Finance Awards 2019. It is also
recognised by Glassdoor in its 'Best Place to Work UK 2019' top 50
list.
Offering retail, business, commercial and private banking
services, it prides itself on using technology to give customers
the choice to bank however, whenever and wherever they choose.
Whether that's through its growing network of stores open seven
days a week, from early in the morning to late at night, 362 days a
year; on the phone through its UK-based 24/7 contact centres manned
by people not machines; or online through its internet banking or
award-winning mobile app: the bank offers customers real
choice.
The bank employs over 3,900 colleagues and is headquartered in
Holborn, London.
Metro Bank PLC. Registered in England and Wales. Company number:
6419578. Registered office: One Southampton Row, London, WC1B 5HA.
'Metrobank' is the registered trade mark of Metro Bank PLC.
It is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and Prudential
Regulation Authority. Most relevant deposits are protected by the
Financial Services Compensation Scheme. For further information
about the Scheme refer to the FSCS website www.fscs.org.uk.
All Metro Bank products are subject to status and approval.
Metro Bank PLC is an independent UK bank - it is not affiliated
with any other bank or organisation (including the METRO newspaper
or its publishers) anywhere in the world. Please refer to Metro
Bank using the full name.
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END
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October 02, 2019 11:13 ET (15:13 GMT)
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