Deal of the month

The Royal Bank of Scotland Group reopened the tier 1 market at the end of September with a five-tranche multi-currency issue. The transaction, brought to finance the bank's acquisition of ABN Amro, would have been an achievement even in happier times: the largest tier 1 financing ever in the global fixed-income market, it also boasts the largest-ever non-step institutional tier 1 capital-raising to date. The deal was led by RBS and Merrill Lynch.

Altogether, the deal was worth EUR6.1 billion, inc

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