RBS 2003 Annual Report Download - page 17

Corporate Banking and Financial Markets
Annual Report and Accounts 2003
15
Financial Markets
 We improved our ranking in the Sterling
Bond league table moving from No.11 in 2000 to
No.2 in 2003.
 We rose from 8th in 2002 to 3rd best FX
bank in London in the 2003 Euromoney FX survey.
 Financial Markets is the leading arranger for
cross-border issues into the US private placement
market, with a market share of 26%.
 Our money market funds, Global Treasury
Funds, continue to grow strongly with client
investments up 38% in the year to £5 billion.
 We executed the three largest sterling
securitisations in the market: Southern Water,
Mitchells & Butlers and Punch Taverns.
 RBS Agency Treasury Services, the premier
UK based provider of treasury outsourcing services
won the mandate for Acambis plc, ‘techMARK
Mediscience Company of the Year’ and a world
leader in the development of vaccines to prevent
and treat infectious disease.
Europe
 We have invested significantly in growing our
presence in Europe. We now have offices in France,
Italy, Spain, Germany and Sweden, offering lending,
capital markets and risk management products to
major corporate customers.
 We acted as bookrunner and joint mandated
lead arranger in the 3.0 billion deal for Energie
Baden-Wurttemberg AG which was one of the largest
loan transactions in the German utility sector.
 In Italy we acted as a lead arranger for the
Olivetti/Telecom Italia 15.5 billion syndicated term
loan and revolving credit facilities – the largest
bank financing in Europe for three years. This won
European Loan of the Year in International Financing
Review – Review of the Year.
 RBS co-led the largest ever European
leveraged buy out for SEAT Pagine Gialle, the
dominant Italian classified directories business,
providing debt facilities of 4.4 billion.
 We were lead arranger and bookrunner in
the 2.5 billion term loan and revolving credit
facility for Vivendi Universal and joint lead and
bookrunner in the company’s 1.2 billion bond
issue. Institutional investors voted this transaction
High Yield Deal of the Year in Credit magazine’s
annual deals of the year poll.
 We were awarded SVT (primary dealership)
status by the Agence France Tresor, enabling
Financial Markets to provide French Government
securities to our global customers. This status
complements the primary dealerships we already
hold in the UK, US and Germany.
 In 2003, RBS became a participant on
TradeWeb, the leading electronic platform for
institutional investors in government and corporate
bonds. By volume, we already rank 8th out of 25
participants.
 We purchased Nordisk Renting AB, a
Swedish leasing company in June 2003.