September 23, 2019 / 4:11 PM / 24 days ago

Metro Bank ditches debt issue, blaming 'market conditions'

LONDON, Sept 23 (Reuters) - Troubled British lender Metro Bank said on Monday it will not proceed with a bond issue, blaming ‘current market conditions’.

“Metro Bank PLC thanks the broad number of investors who have met with the company and shown interest in their potential inaugural MREL issuance. Given the current market conditions though Metro have elected to not proceed with a transaction at this time,” the lender said in a statement.

The British challenger bank had launched the deal on Monday morning, looking to raise a minimum of 250 million pounds ($310.63 million) of debt to meet the minimum requirement for own funds and eligible liability (MREL) required by regulators.

$1 = 0.8048 pounds Reporting by Abhinav Ramnarayan and Iain Withers

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