Metro Bank Holdings extends MREL adjustment for 9.139% tier 2 notes

By Mary-Katherine Stinson

Lexington, Ky., July 28 – Metro Bank Holdings plc said that the Bank of England’s Resolution Directorate has agreed to a further extension to the pre-existing adjustment for its existing £250 million of 9.139% tier 2 notes due June 26, 2028 issued by Metro Bank Plc, according to a notice.

The adjustment was first announced on Dec. 9, 2022.

It permits the notes to remain eligible to count towards the company’s minimum requirement for own funds and eligible liabilities (MREL) until the notes’ maturity date.

The recognition as tier 2 regulatory capital will amortize from the call date of June 26 over the remaining life of the instrument.

London-based Metro Bank is a retail and commercial bank.

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