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Name | Symbol | Market | Type |
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Royal Bank of Scotland Group PLC | NYSE:RBS | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 3.09 | 0 | 01:00:00 |
Free Writing Prospectus dated June 8, 2023 | Filed pursuant to Rule 433 |
(to Prospectus dated January 11, 2022, and | Registration Statement No. 333-261837 |
Preliminary Prospectus Supplement dated June 8, 2023) |
NatWest Group plc
$1,250,000,000 5.808% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2029
Issuer | NatWest Group plc (“NWG”) |
Securities | $1,250,000,000 5.808% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2029 (the “Senior Notes”) |
Ranking | The Senior Notes will constitute NWG’s direct, unconditional, unsecured and unsubordinated obligations ranking pari passu without any preference among themselves, and equally with all other outstanding unsecured and unsubordinated obligations of NWG, present and future, except such obligations as are preferred by operation of law. |
Format | SEC-registered |
Specified Currency | USD |
Issue Size | $1,250,000,000 |
Trade Date | June 8, 2023 |
Settlement Date | June 13, 2023 (T+3) |
Maturity | September 13, 2029 |
Coupon |
From (and including) the Issue Date to (but excluding) September 13, 2028 (the “Reset Date”), interest on the Senior Notes will be payable at a rate of 5.808% per annum.
From (and including) the Reset Date to (but excluding) maturity (the “Reset Period”), interest on the Senior Notes will be payable at a rate per annum equal to the applicable U.S. Treasury Rate as determined by the Calculation Agent (both terms as defined in the preliminary prospectus supplement) on the Reset Determination Date, plus 1.950%.
The determination of the applicable U.S. Treasury Rate is subject to the provisions set forth under “Description of the Senior Notes—Interest—Determination of the U.S. Treasury Rate” in the preliminary prospectus supplement. |
Interest Payment Dates | Interest on the Senior Notes will be payable semi-annually in arrear on March 13 and September 13 of each year, beginning on September 13, 2023 (short first coupon) |
Reset Date | September 13, 2028 |
Reset Determination Date | The second business day immediately preceding the Reset Date |
Day Count Convention | 30/360 (Following, unadjusted) |
Business Days | New York and London |
US Treasury Benchmark | 3.625% due May 31, 2028 |
US Treasury Benchmark Yield | 3.858% |
Fixed Rate Spread to Benchmark Treasury | T+195bps |
Re-offer Yield | 5.808% |
Issue Price | 100.000% |
Gross Proceeds | $1,250,000,000 |
All-in Price | 99.750% |
Fees | 0.250% |
Net Proceeds (before expenses) | $1,246,875,000 |
Redemption Price | 100.000% of the principal amount of the Senior Notes |
Optional Redemption Date | September 13, 2028 |
Optional Redemption |
NWG may redeem the Senior Notes at its sole discretion, in whole but not in part, on September 13, 2028 at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption.
In addition, NWG may redeem the Senior Notes, in whole but not in part, at 100% of their principal amount together with any accrued but unpaid interest to, but excluding, the date of redemption, upon the occurrence of certain tax or regulatory events as described in the preliminary prospectus supplement and the accompanying prospectus.
Any redemption or repurchase of the Senior Notes is subject to the provisions described under “Description of the Senior Notes—Tax Redemption”, “Description of the Senior Notes—Loss Absorption Disqualification Event Redemption” and “Description of the Senior |
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* | The security ratings above are not a recommendation to buy, sell or hold the securities offered hereby. The ratings may be subject to revision or withdrawal at any time by Moody’s, S&P or Fitch. |
The Issuer has filed a registration statement (including a base prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this free writing prospectus relates. Before you invest in this offering, you should read the base prospectus in that registration statement and the prospectus supplement in respect of this offering and the other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Joint Bookrunners and Joint Lead Managers will arrange to send you the base prospectus and prospectus supplement at no charge if you request it by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146, calling Goldman Sachs & Co. LLC toll-free at 1-866-471-2526, calling NatWest Markets Securities Inc. toll-free at 1-800-231-5380, calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or calling TD Securities (USA) LLC toll-free at 1-855-495-9846.
The Issuer currently expects delivery of the Senior Notes to occur on June 13, 2023, which will be the third business day following the date of pricing of the Senior Notes (such settlement cycle being referred to as “T+3”). Under Rule 15(c)6-1 of the U.S. Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”), trades in the secondary market generally are required to settle in two business days (as such term is used for purposes of Rule 15(c) 6-1 of the U.S. Exchange Act) unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Senior Notes prior to the delivery of such Senior Notes will be required, by virtue of the fact that the Senior Notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of Senior Notes who wish to make such trades should consult their own advisors.
Manufacturer target market (UK MiFIR/MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the United Kingdom. No sales to retail clients in the EEA or the United Kingdom, as defined under MiFID II or, in the United Kingdom, as defined in in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.
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