Maturity: September 18, 2007
Issue/re-offer price: 99.899
Coupon: three month Libor plus 10bp
Spread at re-offer: Libor plus 15.5bp
Call option: at par on 18/12/06
Launched: Monday September 2
Sole mgr: Royal Bank of Scotland
We were certainly pleased with the reception. The note was correctly priced, without being overly generous. The investors we attracted were the usual suspects - largely other building societies and banks, with some funds also. So far all the investors have been UK based.
This is a rare name in the market, but we still managed to get good placement on the deal. It was almost exclusively UK investors who were interested.