Metro Bank shares fall after investors turn away £200m bond sale
Metro Bank shares plunged more than 35%, a record low on Tuesday after wary investors refused to purchase bonds, another blow to the bank since it revealed an accounting error in January.
The bond sale was launched on Monday morning, tempting buyers with an interest rate of 7.5% - a percentage considered high for a European bank. However, after markets closed, the bank had announced that it had cancelled the sale by the afternoon after failing to reach its £200m - £250m sales target.
Russ Mould, investment director of AJ Bell said, “The cancellation of a £200m bond sale is another major blow to Metro Bank, leaving management with red faces and the shares sinking even further.”
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...