NatWest’s Sovereign Debt Retreat Ends Decades of RBS Legacy - Bloomberg.com
NatWest’s Sovereign Debt Retreat Ends Decades of RBS Legacy - Bloomberg.com
Source: Bloomberg.com
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DW NOTE
NatWest is exiting sovereign debt trading after absorbing RBS in 2018. This was the desk that helped Greece hide its deficit with Goldman's swaps in 2001, then needed £45 billion in UK taxpayer bailouts seven years later. The sovereign business never recovered its pre-crisis revenue — and now, with the Strait closed 224 days and oil chokepoints repricing every treasury curve, NatWest is walking away from a market it can no longer afford to warehouse.