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By Frank Jackman
18 May 2021
Long call periods are now an established feature in bank capital products, but the benefits should also apply to the senior market, particularly when it comes to riskier borrowers beginning their MREL journeys.
Last week Permanent TSB, Nordea Bank and Virgin Money UK all included options to call their 10.25 year non-call 5.25 tier twos up to three months before their first reset dates. They were just the latest in a slew of issuers to embrace using longer call periods in tier two instruments.
With six month call options already commonplace for additional tier ones, banks should now be weighing up what they can do in the senior market as well.
Wednesday 5th May 2021 Hosted by David Duffy (CEO) and Clifford Abrahams (CFO) David Duffy, Virgin Money UK PLC Good morning everyone and of course, good evening to those of you who are in Australia. Welcome to our H1 results presentation and thank you for taking the time to join us. Before we begin, I d like to welcome Clifford, our new Group CFO who joins me today to deliver his first set of Virgin Money results. Our presentation today will take approximately 30 minutes and will be followed as usual by a live Q&A session. Let me begin our presentation with a summary of our performance which you can find on slide 4.
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