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RBS - Preferred Tender Announced

|Includes:The Royal Bank of Scotland Group plc (RBS)

Well, the RBS liability management plan has finally ben announced.  Perhaps I will comment on t later, but for now I want to adress the preferreds and Tier 1 instruments.

Firstly, the documnet can be found here:

Here is a summary:

As you can see, the prices have pulled within 2-5% of the tender offer.  Hopefully, this trade has worked out for folks.  Later, I will determine increase relative to yesterday's price (yes, even the unemployed analyst has things to do).

Any colr/thoughts is always appreciated.

Disclosure: Long RBS L and NW C

Stocks: RBS