RBS: a bond bank laid low unnecessarily

By Jon Hay
24 Sep 2015

Investment banks, like empires, rise and fall — only rather faster. In December 1997, EuroWeek (forerunner of GlobalCapital) covered the first bond on which Royal Bank of Scotland appeared in the syndicate, as a co-manager.

It was the totemic £3.1bn securitisation, Annington Finance No 4, parcelling cashflows from housing for UK armed forces married personnel, which had been bought by Nomura’s Principal Finance Group.

Perhaps in a sign of things to come, the deal, through trumpeted by EuroWeek as a triumph, later turned ...

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