Ashurst advised OneSavings Bank ("OSB" or the "group") on its debut issue of £60 million Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities that will qualify as additional tier 1 capital under the Capital Requirements Directive IV and the Capital Requirements Regulation. 

OneSavings Bank is a fast-growing specialist lender and retail savings group with a balance sheet of over £6 billion and one of the leading 'challenger banks' in the UK banking sector.  The net proceeds of the issue will be used to further optimise OSB's capital stack to continue to support the general corporate purposes of the group and growth of the group's business.

Ashurst previously acted for OneSavings Bank on their IPO in 2014.

The Ashurst team advising OSB on the additional tier 1 issue was led by finance (DCM) partners Anna Delgado and Alex Biles. Partner Paul Miller advised on the tax aspects of the transaction.