RBS raises $3.12bn through convertible bonds issue

6th Aug 2015 11:35

(ShareCast News) - Royal Bank of Scotland has raised $3.12bn through the pricing of contingent convertible bonds, which will be used for general corporate purposes.If the bank's core capital ratio falls below 7%, the additional Tier 1 securities will convert to equity.Chief executive officer Ross McEwan said: "This is another important step in the road towards becoming a much stronger, safer bank for our customers and shareholders. Improving our capital resilience has been an integral part of our plan and we are well on track to achieve this."The offering is scheduled to close on 10 August 2015 subject to the satisfaction of customary conditions.At 1136 BST, RBS shares were flat at 346.80p