By Wendy Van Sickle
Columbus, Ohio, June 8 – NatWest Group plc priced $1.25 billion of 5.808% senior callable fixed-to-fixed reset notes due Sept. 13, 2029 (A3/BBB+/A) on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The SEC-registered notes priced with an initial coupon of 5.808% at par, or 195 basis points over Treasuries.
The notes are callable on Sept. 13, 2028 at par. If the bonds are not redeemed at that time, the rate will reset to Treasuries plus 195 bps on Sept. 13, 2028.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC are the joint bookrunners and joint lead managers.
The proceeds of the bonds will be used to fund NatWest’s general banking business.
The majority state-owned British banking and insurance holding company is based in Edinburgh.
| Issuer: | NatWest Group plc
|
| Amount: | $1.25 billion
|
| Issue: | Senior callable fixed-to-fixed reset notes
|
| Maturity: | Sept. 13, 2029
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., Morgan Stanley & Co. LLC and TD Securities (USA) LLC
|
| Co-managers: | CIBC World Markets Corp. and Scotia Capital (USA) Inc.
|
| Coupon: | 5.808% initial rate; resets to Treasuries plus 195 bps on Sept. 13, 2028
|
| Price: | Par
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| Yield: | 5.808%
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| Spread: | Treasuries plus 195 bps
|
| Calls: | Sept. 13, 2028 at par
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| Trade date: | June 8
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| Settlement date: | June 13
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| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Cusip: | 639057AK4
|
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