Comments on: RBS to Sell $24 Billion in New Shares http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares.html Mon, 23 Nov 2009 03:10:07 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: S http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares.html#comment-7202 S Tue, 22 Apr 2008 18:00:00 +0000 http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares/#comment-7202 UBS is marking their ALT A at 96<br/>subprime cdos at 58% in latest read. <br/><br/>I belive C Alt A is $58B - ouch. UBS is marking their ALT A at 96
subprime cdos at 58% in latest read.

I belive C Alt A is $58B – ouch.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares.html#comment-7198 Anonymous Tue, 22 Apr 2008 14:38:00 +0000 http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares/#comment-7198 What what are these type of assets being marked at in the US? What what are these type of assets being marked at in the US?

]]> By: Steve http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares.html#comment-7184 Steve Tue, 22 Apr 2008 07:37:00 +0000 http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares/#comment-7184 Yves,<br/><br/>Yes this RBS summary is damn sobering and is likely the first example of the greater transparency that BOE/Treasury are demanding from UK banks in exchange for the new borrowing facility. RBS may have exaggerated the marks to give themselves wiggle room, since they really can't go back to the cap markets for a while. But still, the difference from marks at US banks (particularly commercial banks) is sobering and a sign that the crisis is going to drag on `in full opacity' in the US for quite some time. Yves,

Yes this RBS summary is damn sobering and is likely the first example of the greater transparency that BOE/Treasury are demanding from UK banks in exchange for the new borrowing facility. RBS may have exaggerated the marks to give themselves wiggle room, since they really can’t go back to the cap markets for a while. But still, the difference from marks at US banks (particularly commercial banks) is sobering and a sign that the crisis is going to drag on `in full opacity’ in the US for quite some time.

]]> By: Yves Smith http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares.html#comment-7183 Yves Smith Tue, 22 Apr 2008 07:27:00 +0000 http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares/#comment-7183 Steve,<br/><br/>Wow. Thanks. And everyone here thinks the credit crisis is contained (although no one will use that discredited word) and now all we have to worry about is the trajectory of the recovery and how bad inflation gets to be. Steve,

Wow. Thanks. And everyone here thinks the credit crisis is contained (although no one will use that discredited word) and now all we have to worry about is the trajectory of the recovery and how bad inflation gets to be.

]]> By: Steve http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares.html#comment-7182 Steve Tue, 22 Apr 2008 07:19:00 +0000 http://www.nakedcapitalism.com/2008/04/rbs-to-sell-24-billion-in-new-shares/#comment-7182 They're also marking their US alt-a at 50%, subprime at 38%, and cmbs at 83%.<br/><br/>Press release:<br/>http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1818762&source=RNS<br/><br/>(Sorry, don't know how to embed a link.)<br/><br/>Of course, ahem, we must conclude that RBS's portfolio is far worse than any US bank's... They’re also marking their US alt-a at 50%, subprime at 38%, and cmbs at 83%.

Press release:
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=1818762&source=RNS

(Sorry, don’t know how to embed a link.)

Of course, ahem, we must conclude that RBS’s portfolio is far worse than any US bank’s…

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