Granite paper continues to climb higher as pricing last week reached its post-crisis high, above 94 for the first time since the non-asset trigger event in November 2008, according Royal Bank of Scotland (RBS) analysts.

"Over the longer term, the rally in the subordinated notes has been even more dramatic, producing exceptional equity-like returns over the past eighteen months," analysts said. "This performance seems to suggest that this transaction is well on its way to rehabilitation."

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