Underemployed London FIG bankers flock to the Metro deal
In a year when financial institutions group (FIG) bankers in London are being let go at Barclays and elsewhere, the travails of Metro Bank in London are an opportunity for activity. This might be why so many FIG bankers have been trying to help.
Metro's issues, which stem from the need to finance £350m of senior bonds, resulted in today's announcement that the bank has secured a £325m capital raise, comprising £150m of new equity and £175m of new MREL (minimum requirement for own funds and eligible liabilities) issuance, alongside £600m of debt refinancing.
The rescue package is mostly the work of the FIG bankers at Morgan Stanley. The deal was orchestrated by Paul Miller, Morgan Stanley's head of London and Ireland financial insitutions, working with Colm Donlon, the bank's chairman of European M&A, Nishil Bhagani, a recently promoted FIG MD and Matthew Jarman, a Morgan Stanley banker also known for his very large bonuses and Italian ski chalet.
Morgan Staley's debt bankers have been busy with the deal too. Alexander Menounos, co-head of EMEA DCM is named. So is Matteo Benedetto, another DCM MD and Charles-Antoine Dozin, who was promoted to FIG DCM in 2021. Noreen Whyte, a long-serving Morgan Stanley MD and Tristan Collier, an executive director, are busy trying to sell the debt.
While Morgan Stanley is the lead financial advisor, Oliver Hearsey, Elliot Thomas, Kathryn Deegan are also named at RBC and long serving Moelis MD Matthew Prest has also been lending a hand.
Others, however, appear to have been helping behind the scenes. At one point, EY was said to be tasked with unearthing a buyer for Metro. At another, it was Robey Warshaw. Yesterday, George Osborne, the former Chancellor of the Exchequer turned partner at Robey Warshaw was said to be trying to broker a deal with Santander in which Santander would have bought all or part of Metro Bank.
It's not clear whether Osborne's efforts were wasted, but London FIG bankers have presumably had their busiest weekend for a long while.
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