RBS Leads Bank Issues With Yields at 5-Year Low: Credit Markets
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Royal Bank of Scotland Group Plc, issuer of the second-best performing financial bonds this month, led lenders selling $7.5 billion of debt after bank borrowing costs fell to the lowest in more than five years.
RBS’s $3.6 billion bond offering yesterday came after average yields on bank debt fell to 3.815 percent Aug. 16, the lowest since June 2005, Bank of America Merrill Lynch index data show. HSBC Holdings Plc, ING Groep NV, Westpac Banking Corp. and Bank of America Corp. also sold debt in the busiest day for bank issuance in dollars since July 21, according to data compiled by Bloomberg.