RBS sets up first Moody's-rated DPC in 14 years

Vehicle thought to cover swap with UK pub operator Punch Taverns

rbs-hq-bishopsgate-paulo-via-flickr

Royal Bank of Scotland (RBS) has set up a derivatives product company (DPC) – the first to be rated by Moody's Investors Service in 14 years – to guarantee its obligations relating to an interest rate swap with a counterparty that is thought to be troubled UK pub operator Punch Taverns.

Punch is run as a whole business securitisation (WBS) and the DPC satisfies a requirement that RBS take action to protect the rating of Punch Taverns Finance – one of two vehicles through which the company has

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: