Metro Bank has pulled a bond offering just hours after it was launched when it failed to stoke investor interest despite the promise of a healthy 7.5% interest rate.
The news led to the exodus of a number of corporate customers and a severe hit to Metro's first-quarter profits. Hours later however, it cancelled the four-year bond sale after it was snubbed by investors - despite coming with a yield much higher than average.The challenger bank's share price slumped by nearly 25% on Tuesday in response to the news. The price was already down nearly 90% since the beginning of the year.
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