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The Royal Bank of Scotland Group plc Message Board

  • rexobXIP rexobXIP Aug 25, 2009 10:46 AM Flag

    EU assists RBS in passing the buck

    Wow... is this scary or what? So last week, RBS sold 2B in new bonds @ ~5% yield, at the same time that the EU is telling them to stop paying on their already existing obligations. Get new capital, drive up the price on the ordinary shares, and bail on preference shares and junior bonds(leaving fixed income individuals holding the bag while institutions get a nice ride).

    I had missed this story, but find it very interesting. Anyone else miss this?

    Comments anyone?
    So RBS sells 2B in bonds
    New Issue-Royal Bank of Scotland sells $2 bln 5-yr note
    Tue Aug 18, 2009 3:51pm EDT

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    Royal Bank of Scotland Plc sells $2 bln 5-yr notes
    Tuesday, 18 Aug 2009 03:48pm EDT

    Aug 18 (Reuters) - The Royal Bank of Scotland Group plc on
    Tuesday sold $2.0 billion of five-year notes in the 144a
    private placement market, said IFR, a Thomson Reuters service.

    RBS was the sole bookrunning manager for the sale.
    BORROWER: THE ROYAL BANK OF SCOTLAND GROUP PLC
    AMT $2.0 BLN COUPON 4.875 PCT MATURITY 8/25/2014
    TYPE NOTES ISS PRICE 99.702 FIRST PAY 2/25/2010
    MOODY'S Aa3 YIELD 4.943 PCT SETTLEMENT 8/25/2009
    S&P A-PLUS SPREAD 250 BPS PAY FREQ SEMI-ANNUAL
    FITCH AA-MINUS MORE THAN TREAS NON-CALLABLE

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