All material subject to strictly enforced copyright laws. © 2022 Euromoney Institutional Investor PLC group
FIG

RBS sub debt holders flee ‘last chance saloon’

With holders of its subordinated debt facing up to an imminent EU ban on coupon payments, Royal Bank of Scotland is close to having generated the £1.25bn of extra core tier one capital it is seeking as part of its latest liability management exercise, according to sources close to the deal. The non-US part of the exercise concluded this week with the UK bank retiring just over £2.25bn of upper tier two debt and just over £2bn of hybrid tier one debt at a discount to par.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Take a Free Trial or Login
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree