Clydesdale Bank announces today (3 December), that it has priced £750 million of three year Government backed bonds that it is to issue under the Credit Guarantee Scheme.
The bonds will be rated by Standard & Poors as AAA and at Aaa by Moodys, the highest investment grade ratings.
Commenting on the deal Chief Operating Officer, David Thorburn said
“Following our approval to join the Credit Guarantee Scheme we, like many other well capitalised institutions have taken advantage of this funding source. In the current market conditions this provides an effective way of enhancing our already strong medium term funding position.”
ENDS
http://www.dmo.gov.uk/index.aspx?page=CGS/CGSLiabilities
More information on the Credit Guarantee Scheme is available at:
HM Treasury website -
http://hm-treasury.gov.uk/fin_stab_credit_guarantee_scheme.htm (opens in a new window)
Financial Services Authority website -
http://www.fsa.gov.uk/pages/Library/Communication/Statements/2008/capapp.shtml (opens in a new window)
With a single banking licence in the UK, Clydesdale Bank PLC incorporates all profits generated under the Clydesdale and Yorkshire Bank brands. On 10 November 2008 the long term credit ratings of Clydesdale Bank PLC was reaffirmed as AA- by Standard & Poors.
www.nabgroup.com (opens in a new window)
On 10 November National Australia Bank Limited (NAB) successfully completed an institutional placement. The initial placement size of A$2 billion was significantly oversubscribed from a range of high quality institutional investors. As a result, the size of the offer was increased and A$3 billion of new equity capital was raised. This capital raising will move NAB to a Tier 1 ratio of in excess of 10% under FSA guidelines (8.2% under APRA).
You can find impartial information and guidance on money matters on the “Money advice service” website.
Clydesdale Bank is covered by the Financial Services Compensation Scheme (FSCS), Find out more.