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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 9, 2021
(to Prospectus dated December 9, 2020 and
Preliminary Prospectus Supplement dated June 9, 2021) |
Filed pursuant to Rule 433 Registration Statement No. 333-251220 |
NatWest Group plc
TERMS AND CONDITIONS
$1,500,000,000 1.642% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2027
Issuer | NatWest Group plc (“NWG”) |
Securities | $1,500,000,000 1.642% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2027 Notes (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 | $1,500,000,000 |
Trade Date | June 9, 2021 |
Settlement Date | June 14, 2021 (T+3) |
Maturity | June 14, 2027 |
Coupon |
From (and including) the Issue Date to (but excluding) June 14, 2026 (the “Reset Date”), interest on the Senior Notes will be payable at a rate of 1.642% 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 prospectus supplement) on the Reset Determination Date, plus 0.900%.
The determination of the applicable U.S. Treasury Rate is subject to the provisions set forth under
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“Description of the Senior Notes—Interest—Determination of the U.S. Treasury Rate” in the prospectus supplement. | |
Interest Payment Dates | Interest on the Senior Notes will be payable semi-annually in arrear on June 14 and December 14 of each year, beginning on December 14, 2021. |
Reset Date | June 14, 2026 |
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 | T 0.750% due May 31, 2026 |
US Treasury Benchmark Yield | 0.742% |
Fixed Rate Spread to Benchmark Treasury | T+ 90bps |
Re-offer Yield | 1.642% |
Issue Price | 100.000% |
Gross Proceeds | $1,500,000,000 |
All-in Price | 99.750% |
Fees | 0.250% |
Net Proceeds (before expenses) | $1,496,250,000 |
Redemption Price | 100.000% of the principal amount of the Senior Notes |
Optional Redemption Date | June 14, 2026 |
Redemption |
NWG may redeem the Senior Notes at its sole discretion, in whole but not in part, on June 14, 2026 (the “Optional Redemption Date”) 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 this 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
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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. |
– 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.
The Issuer has filed a registration statement (including a base prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest in this offering, you should read the base prospectus and the prospectus supplement in respect of the Senior Notes in that registration statement and 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 at no charge if you request it by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146, calling Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037, calling J.P. Morgan Securities LLC at 1-212-834-4533, or calling NatWest Markets Securities Inc. at 1-203-897-6166.
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1 Year Royal Bank of Scotland Chart |
1 Month Royal Bank of Scotland Chart |
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