RBS Greenwich's Grand Debt Plan

O'Leary, Christopher
April 2003
Investment Dealers' Digest;4/28/2003, Vol. 69 Issue 17, p11
Trade Publication
While colossal global banks like Citigroup Inc. seem to have cemented their control of the fixed-income markets, the Royal Bank of Scotland Group Plc (RBS) wants nothing less than a prime seat at the U.S. fixed-income table. In a debt world ruled by giants the typical strategy for lower-ranked players has been to find niches and build client relationships, rather than break the bank in a bid to gain league table status. It has been a long journey for RBS Greenwich, which began operations in 1981 and entered a volatile period when NatWest Group purchased it in 1998. After that purchase, Greenwich obtained expanded Tier 2 powers that enabled it to underwrite and deal in a wider variety of fixed-income products, such as corporates and CMBS. One aspect of this mission is to build up a large-scale operation in interest-rate derivatives, which, as in most areas of the debt capital markets, have increasingly become popular methods of hedging issuer and underwriter risk.


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