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The retirement income gap no-one is talking about

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RBS starts marketing debut AT1 bond - lead

Reuters - UK Focus

By Alice Gledhill

LONDON, Aug 5 (IFR) - Royal Bank of Scotland (LSE: RBS.L - news) has begun marketing a debut Additional Tier 1 bond, according to a lead banker on the trade.

The dollar-denominated transaction comprises two tranches; a perpetual non-call five-year and perp non-call 10 with investors being canvassed at 7.75% area and 8.25% area respectively.

Pricing for the SEC registered bond is expected later on Wednesday.

The UK bank is running its own deal as global coordinator and structuring adviser, together with Bank of America Merrill Lynch, Credit Suisse (NYSE: CS - news) and Morgan Stanley (Xetra: 885836 - news) as joint leads.

Expected ratings are B(S&P)/BB-(Fitch).

(Reporting by Alice Gledhill; editing by Alex Chambers)