Royal Bank of Scotland has become the first European bank to issue subordinated debt in more than two months. It took advantage of strong demand in the sterling market this week, with investors confident that the UK lender will be well placed to withstand the economic impact of the coronavirus pandemic.
RBS Group opened books on a 10.25 year non-call five tier two on Wednesday morning.
NatWest Markets was acting as the sole bookruner, while Goldman Sachs, JP Morgan, Santander and UBS joined as lead managers.
The issuer started its pricing in the 400bp area over Gilts and quickly