NatWest Group’s $750 Million Notes Offering

In UK Davis Polk & Wardwell, Milbank LLP, advised on the matter.

Davis Polk & Wardwell advised NatWest Group with a team including Jonathan Cooklin (Tax Finance), Reuven Young (Debt Capital Markets).

Milbank LLP advised Citigroup Global Markets Ltd, Morgan Stanley, NatWest Markets Securities, UBS Securities LLC with a team including David Dixter (Picture – Debt Capital Markets).

NatWest Group plc’s (formerly The Royal Bank of Scotland Group plc) announced its offering of $750,000,000 4.600% Reset Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes.

The underwriters, led by NatWest Markets Securities Inc., also included Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and UBS Securities LLC.

NatWest Group is the largest business and commercial bank in the UK, with a leading retail business.

The Milbank team was led by partner David Dixter (Picture), with special counsel Ana Grbec and associates Carlos Cabrera and Kristian Sutt. The team also included New York Tax partner Eschi Rahimi-Laridjani and associate David Hanno as well as London Tax associate James Seddon.

Davis Polk advised NatWest Group with partner Reuven B. Young, counsel Connie I. Milonakis and associate Tanu Sinha. The U.S. tax team included counsel Alon Gurfinkel and associate Omer Harel. Partner Jonathan Cooklin and counsel Dominic Foulkes provided U.K. tax advice. Counsel Sarah E. Kim provided 1940 Act advice.

Involved fees earner: Jonathan Cooklin – Davis Polk & Wardwell; Dominic Foulkes – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Sarah Kim – Davis Polk & Wardwell; Connie Milonakis – Davis Polk & Wardwell; Tanu Sinha – Davis Polk & Wardwell; Reuven Young – Davis Polk & Wardwell; Carlos Cabrera – Milbank LLP; David Dixter – Milbank LLP; Ana Grbec – Milbank LLP; David Hanno – Milbank LLP; Eschi Rahimi-Laridjani – Milbank LLP; James Seddon – Milbank LLP; Kristian Sutt – Milbank LLP;

Law Firms: Davis Polk & Wardwell; Milbank LLP;

Clients: Citigroup Global Markets Ltd; Morgan Stanley; NatWest Group; NatWest Markets Securities; UBS Securities LLC;

Author: Giulia Di Palma