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Metro Bank ditches debt issue, blaming 'market conditions'

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By Reuters
Metro Bank ditches debt issue, blaming 'market conditions'
FILE PHOTO: Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay   -   Copyright  Hannah McKay(Reuters)

LONDON (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 of debt to meet the minimum requirement for own funds and eligible liability (MREL) required by regulators.

(Reporting by Abhinav Ramnarayan and Iain Withers)