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

Vehicle thought to cover swap with UK pub operator Punch Taverns


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

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