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Royal Bank of Scotland reduces leveraged finance portfolio
By Jennifer Chiou
New York, Aug. 8 - Royal Bank of Scotland Group plc said that it reduced its leveraged finance commitments to £10.8 billion at June 30 from £14.5 billion at the end of 2007.
In July, the company said it sold another £1.25 billion of leveraged loans.
RBS added that while these leveraged disposals have been at better prices than it had assumed in April, it increased the credit valuation adjustment on its exposures to monoline insurers as credit spreads have widened.
The company said that it will continue to make further reductions in leverage during the second half of the year, adding that its board believes that it is prudent to issue new shares by way of a capitalization of reserves, instead of paying an interim dividend.
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