NatWest Group’s $1 Billion Notes Offering

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

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

Milbank LLP advised Bank of America Securities, Citigroup Global Markets Ltd, Morgan Stanley & Co. International PLC Seoul Branch, NatWest Markets Securities, RBC Capital Markets with a team including David Dixter (Picture – Debt Capital Markets), Russell Jacobs (Tax Finance).

NatWest Group plc announced the offering of $1 billion 5.516 % Senior Callable Fixed-to-Fixed Reset Rate Notes due 2028. The underwriters included NatWest Markets Securities Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC.

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

The Milbank team was led by Global Capital Markets partner David Dixter (Picture) and associates Kristian Sutt and Santiago Barraza Lopez. The team also included New York Tax special counsel Craig Cohen as well as London Tax partner Russell Jacobs and associate Fareed Muhammed.

The Davis Polk corporate team included partner Reuven B. Young, counsel Maxim Van de moortel and associate Tanu Sinha.  The U.S. tax team included counsel Alon Gurfinkel and associate Kelli A. Rivers. Partner Jonathan Cooklin and counsel Dominic Foulkes provided U.K. tax advice. Partner Gregory S. Rowland and associate Alisan Oliver-Li provided 1940 Act advice. 

Involved fees earner: Jonathan Cooklin – Davis Polk & Wardwell; Dominic Foulkes – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Alisan Oliver-Li – Davis Polk & Wardwell; Kelli Rivers – Davis Polk & Wardwell; Gregory Rowland – Davis Polk & Wardwell; Tanu Sinha – Davis Polk & Wardwell; Maxim Van de moortel – Davis Polk & Wardwell; Reuven Young – Davis Polk & Wardwell; Craig Cohen – Milbank LLP; David Dixter – Milbank LLP; Russell Jacobs – Milbank LLP; Fareed Muhammed – Milbank LLP; Kristian Sutt – Milbank LLP;

Law Firms: Davis Polk & Wardwell; Milbank LLP;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Morgan Stanley & Co. International PLC Seoul Branch; NatWest Group; NatWest Markets Securities; RBC Capital Markets;

Author: Giulia Di Palma