RBS buys back billions in senior debt notes

The Royal Bank of Scotland is offering to buy back more than £6bn worth of senior debt notes due to mature in 2013 and 2014 held by investors in a range of currencies including US dollar, sterling and euro.

In a dual announcement aimed at US and non-US investors, the bank offered to buy back around £3.1bn worth of notes issued in euro and Singapore dollar, offering a premium over the face value of 3 to 4 per cent in each case.

For US residents, RBS is similarly offering to buy back around £3.1bn in notes, with premiums to face value lower at around 1.5 per cent.

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In both announcements, the bank said it will accept euro, sterling, Singapore dollar, Swiss franc and US dollar issued notes.

The offers commenced yesterday, 3 January 2013, and will end at 4:00pm London time on 10 January 2013. The US offer will close at 12:30pm New York time on 10 January 2013.