NatWest takes capital raising to new frontier with $3.95bn issue
Note: This story went to press before Bank of Scotland launched its hostile takeover bid for National Westminister Bank today (Friday). The move has thrown NatWest's bid for Legal&General into doubt and widened NatWest's credit spreads, particularly on the bonds referred to in this story. The implications for this deal are unclear. National Westminster Bank demonstrated the range of capital raising opportunities now on offer in the international bond markets when it raised $3.95bn of subordinated debt to help finance its acquisition of Legal&General this week.
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