Royal Bank of Scotland Group $2.65 billion contingent convertible AT1 notes issue

23/8/2016

Convertible and hybrid securities, Investment grade bond/note issue

Value:

$ 2.65 billion

Status:

Completed

Date:

23/8/2016

Overview:

The Royal Bank of Scotland (RBS) Group has issued $2.65 billion in contingent convertible (CoCo) securities.
The 8.625% notes qualify as additional Tier 1 (AT1) capital for UK regulatory purposes.
The notes convert into shares when the CET1 capital ratio of the group falls below 7%.
Citigroup, Deutsche Bank, JPMorgan and UBS acted as joint bookrunners.

Sam Duke - Editor

Jurisdiction:

United Kingdom

Deal types:

Convertible and hybrid securities
Investment grade bond/note issue

Practice area:

Capital markets : Debt

Industry sectors:

Banking
Financial services

Firms:

Davis Polk & Wardwell

Party: Royal Bank of Scotland Group (Issuer)

Lawyers: Connie Milonakis, Reuven Young

Shearman & Sterling

Party: RBS Securities (Underwriter)

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