Liability management back on agenda as RBS moves closer
Market expectations that Royal Bank of Scotland will shortly launch a liability management exercise for some of its subordinated debt grew on Tuesday, though with investors having expected a transaction for some time there was little price movement among the bonds, said bankers.
Since the large Lloyds Banking Group liability management exercise at the end of last year which included issuance of Enhanced Capital Notes many market participants have believed that RBS could be considering a tender or exchange of a similar magnitude.
Just like Lloyds, RBS has been
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