UK mutual Coventry building society has refinanced its Additional Tier 1 debt with an investor-friendly transaction, packaged alongside an innovative tender that will reduce its overall AT1 coupon payments to soften the blow of its increased cost of capital. "Investors love this bank, and there is no reason not to love it after what they've done today," said Paola Binns, a fund manager at Royal London Asset Management. The issuer priced a £415m perpetual NC2024 at 6.875% via lead managers Barclays, Bank of America Merrill lynch, HSBC and NatWest Markets. In a fresh twist for the AT1 asset class, it announced last Monday that, in addition to the new deal, it would also launch an "any-and-all" cash tender on its outstanding £400m 6.375% AT1.
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机译：英国考文垂建筑互助协会通过对投资者友好的交易为其附加的第一级债务进行了再融资，并与一项创新性招标相结合，将减少其AT1票面总付款额，以减轻其增加的资本成本的打击。皇家伦敦资产管理公司（Royal London Asset Management）的基金经理保罗·宾斯（Paola Binns）说：“投资者喜欢这家银行，并且没有理由在今天做完之后就不喜欢它。”发行人通过牵头经办人巴克莱，美银美林，汇丰银行和NatWest Markets发行了4.175亿英镑的永久NC2024，定价为6.875％。 AT1资产类别出现了新的变化，它在上周一宣布，除了新的交易，它还将对未偿还的4亿英镑的6.375％AT1发起“任何和所有”现金投标。
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