The Raw Deal


Despite regularly topping Credit’s sterling liquidity survey, RBS has recently been putting some investors’ backs up in the sterling whole-business securitisation sector, where it is something of a market leader.

According to some investors, the bank has developed an unpleasant habit of buying up lower-rated, long-dated or perpetual paper, some of which yields around 130bp over gilts, wrapping it with monoline insurance, and selling the repackaged bonds back to the market in brand new

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