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The Royal Bank of Scotland Group plc Message Board

  • hsfeld2001 hsfeld2001 Dec 4, 2012 5:09 AM Flag

    RBS PREFERREDS series E, G, I

    Will have their dividends resumed in June. At todays price interest rate is about 7.5%. I am looking for all RBS preferreds that are below par to move to a 6.5% yield in 2013. Capital gain opportunity plus decent yield.

    Sentiment: Strong Buy

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    • I think you are missing the forest. The real prize is that the trust shares would need to be repaid in order for RBS.nv to have adequate equity capital.

      Nice to see you again Jack...I hope all your martini shakers are pewter free.

      Sentiment: Buy

    • I believe these are safer preferred than the RBS equity preferred. Both were suspended, but the e, g, and i are trust preferred shares. It's been my judgment that the dividend suspension on these is under a clause in the prospectus allowing the Dutch government (or EU bank regulators) to request suspension; however, the bank alone does not have that discretion. So, unlike the RBS equity preferred (like M, N, etc), the e, g, and i are not discretionary on dividends.

      I noted some time ago that the equity preferred even while paying would have a discount compared to the debt preferred, and that seems to be holding.

      I just dropped by to cheer the common breaking $10 today! I own none, maybe should have picked up some shares hit the low 6's this summer.

      cheers to all,


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