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.
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.