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Re: Metro Bank
Posted: January 19th, 2024, 6:43 am
by BondSquared
Last month they wanted to sell off a good chunk of their residential mortgage book (failed) and refocus away.
This month:
https://www.financialreporter.co.uk/met ... rates.htmlLatest strategy twist: When in trouble, double.
How does the PRA not step in in the face of this combination of reckless and clueless management? Looking at the CVs and behaviour of the management team it's obvious that the current fit&proper test is dysfunctional.
Re: Metro Bank
Posted: January 19th, 2024, 10:43 am
by 88V8
BondSquared wrote:This month:
https://www.financialreporter.co.uk/met ... rates.htmlLatest strategy twist: When in trouble, double.
How does the PRA not step in in the face of this combination of reckless and clueless management? Looking at the CVs and behaviour of the management team it's obvious that the current fit&proper test is dysfunctional.
Yes, Plan B.
One could argue that at this stage of the rate cycle, with low unemployment and relatively few repos, they're just getting ahead of the game.
My (somewhat singed) skin consists of a few ords now, so I can be relaxed...
V8
Re: Metro Bank
Posted: January 31st, 2024, 12:41 am
by hiriskpaul
I am not sure which day they turned up, but I have the new bonds at HL now.
Re: Metro Bank
Posted: February 1st, 2024, 10:18 am
by NeilOne
I have now received the cash 43,830.00 which I think implies a sale price of about 73 for the new bonds. I thought it would be higher than that.
hiriskpaul wrote:I am not sure which day they turned up, but I have the new bonds at HL now.
Re: Metro Bank
Posted: February 1st, 2024, 12:12 pm
by hiriskpaul
NeilOne wrote:I have now received the cash 43,830.00 which I think implies a sale price of about 73 for the new bonds. I thought it would be higher than that.
hiriskpaul wrote:I am not sure which day they turned up, but I have the new bonds at HL now.
For what it's worth HL are quoting a price of 78.5, sell and buy. I have not yet found an independent source for prices.
Re: Metro Bank
Posted: March 15th, 2024, 7:00 am
by GoSeigen
There's a curious line in the balance sheet of
Metro's latest results, "Deposits from central banks" in the liabilities.
Does anyone know what those represent? My immediate suspicion is that it's deposits of the Colombian CB, what do other investors think? Maybe Metro have explained it somewhere...
GS
Re: Metro Bank
Posted: March 15th, 2024, 7:41 am
by BondSquared
GoSeigen wrote:There's a curious line in the balance sheet of
Metro's latest results, "Deposits from central banks" in the liabilities.
Does anyone know what those represent? My immediate suspicion is that it's deposits of the Colombian CB, what do other investors think? Maybe Metro have explained it somewhere...
GS
I commend your investment paranoia about the Gilinski nexus, but in this case it's the good old BoE via its Covid-era "Term Funding Scheme with additional incentives for SMEs (TFSME)", as laid out on pg 19:
https://www.metrobankonline.co.uk/globa ... 2023_2.pdfWholesale funding
We remain predominantly a deposit funded organisation, with wholesale funding utilised where appropriate. Our wholesale funding
continues to be mainly the Term Funding Scheme with additional incentives for SMEs (TFSME). During the year we have reduced our
utilisation of the TFSME by £750 million, reducing our holding to £3,050 million (31 December 2022: £3,800 million) as we repaid some
maturities due in 2024 and 2025 early.