Bloomberg News

RBS Delays Sale of Five ETNs as Hurricane Sandy Disrupts Markets

October 31, 2012

Royal Bank of Scotland Group Plc has delayed selling five exchange-traded notes until next month after Hurricane Sandy disrupted financial markets.

Britain’s biggest government-owned lender was scheduled to begin selling ETNs tied to commodities, agriculture, energy, precious metals and industrial metals on Oct. 30, according to an e-mailed announcement last week from NYSE Arca Inc., the electronic platform of NYSE Euronext. The bank has not publicly announced a date for when the ETNs will trade.

“Due the storm, we’ve rescheduled the launch/listing date,” Ed Canaday, a spokesman for RBS, said in an e-mail. The ETNs were delayed because today is the beginning of the bank’s so-called quiet period before releasing its third-quarter earnings on Nov. 2, he said.

The bank issued two other ETNs this year. The RBS U.S. Large Cap Alternator notes started selling on Sept. 6, and the China Trendpilot ETN began selling on April 19.

The five ETNs that are delayed are the RBS Rogers Enhanced Commodity, the RBS Rogers Enhanced Agriculture, the RBS Rogers Enhanced Energy, the RBS Rogers Enhanced Precious Metals, and the RBS Rogers Enhanced Industrial Metals notes.

To contact the reporter on this story: Kevin Dugan in New York at kdugan4@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


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