plug: That was despite trying to tempt buyers with an interest rate of 7.5%, which is high for a European bank, according to The Guardian. The Guardian understands that Metro had only attracted 175m worth of orders, prompting it to pull the plug. The bond sale was launched on Monday morning but the bank announced after markets closed that it had cancelledthe sale by the afternoon after failing to drum up enough interest to reach its 200m- 250m sales target. The decision to abandon the bond sale sent shares down 35% to 175p on Tuesday, with trading volumes nearly double those on Monday. Russ Mould, the 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. metro bank shares Failure to get enough support for a product that is yielding 7.5% is quite remarkable when you consider how investors are struggling to find generous levels of income in the current market. Metro Bank shares have lost nearly 90% of their value so far this year.
(news.financializer.com). As
reported in the news.
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