RBS 2008 Annual Report Download - page 240

239RBS Group Annual Report and Accounts 2008
Undated loan capital
2008 2007
£m £m
The company
US$350 million undated floating rate primary capital notes (callable on any interest payment date) (1) 240 175
US$1,200 million 7.648% perpetual regulatory tier one securities (callable September 2031) (1, 2) 831 606
1,071 781
The Royal Bank of Scotland plc
£150 million 5.625% undated subordinated notes (callable June 2032) 144 144
£175 million 7.375% undated subordinated notes (callable August 2010) 190 183
152 million 5.875% undated subordinated notes (redeemed October 2008) — 114
£350 million 6.25% undated subordinated notes (callable December 2012) 380 354
£500 million 6% undated subordinated notes (callable September 2014) 565 517
500 million 5.125% undated subordinated notes (callable July 2014) 516 371
1,000 million floating rate undated subordinated notes (callable July 2014) 966 742
£500 million 5.125% undated subordinated notes (callable March 2016) 556 499
£200 million 5.625% subordinated upper tier 2 notes (callable September 2026) 210 210
£600 million 5.5% undated subordinated notes (callable December 2019) 677 595
£500 million 6.2% undated subordinated notes (callable March 2022) 614 543
£200 million 9.5% undated subordinated bonds (callable August 2018) (3) 253 228
£400 million 5.625% subordinated upper tier 2 notes (callable September 2026) 397 397
£300 million 5.625% undated subordinated notes (callable September 2026) 431 318
£350 million 5.625% undated subordinated notes (callable June 2032) 364 363
£400 million 5% undated subordinated notes (callable March 2011) 424 402
JPY25 billion 2.605% undated subordinates notes (callable November 2034) 217 103
CAD700 million 5.37% fixed rate undated subordinated notes (callable May 2016) 464 363
National Westminster Bank Plc
US$500 million primary capital floating rate notes, Series A (callable on any interest payment date) 343 251
US$500 million primary capital floating rate notes, Series B (callable on any interest payment date) 347 256
US$500 million primary capital floating rate notes, Series C (callable on any interest payment date) 346 255
400 million 6.625% fixed/floating rate undated subordinated notes (callable October 2009) 388 303
100 million floating rate undated step-up notes (callable October 2009) 97 74
£325 million 7.625% undated subordinated step-up notes (callable January 2010) 363 357
£200 million 7.125% undated subordinated step-up notes (callable October 2022) 201 205
£200 million 11.5% undated subordinated notes (callable December 2022) (4) 269 269
First Active plc
£20 million 11.75% perpetual tier two capital 26 23
38 million 11.375% perpetual tier two capital 52 39
£1.3 million floating rate perpetual tier two capital 2 2
ABN AMRO and subsidiaries
9 million 4.650% perpetual convertible financing preference shares (redeemed October 2008) — 7
1,000 million 4.310% perpetual Bermudan callable subordinated tier 1 notes (callable March 2016) 824 598
11,697 9,866
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) The company can satisfy interest payment obligations by issuing sufficient ordinary shares to appointed Trustees to enable them, on selling these shares, to settle the interest payment.
(3) Guaranteed by the company.
(4) Exchangeable at the option of the issuer into 200 million 8.392% (gross) non-cumulative preference shares of £1 each of National Westminster Bank Plc at any time.
(5) Except as stated above, claims in respect of the Group’s undated loan capital are subordinated to the claims of other creditors. None of the Group’s undated loan capital is secured.
(6) In the event of certain changes in tax laws, undated loan capital issues may be redeemed in whole, but not in part, at the option of the Group, at the principal amount thereof plus accrued
interest, subject to prior regulatory approval.
(7) Interest on all floating rate subordinated notes is calculated by reference to market rates.