By Cristal Cody
Tupelo, Miss., May 15 – Royal Bank of Scotland Group plc priced a $1.75 billion offering of 4.892% fixed-to-floating rate senior notes due May 18, 2029 on Tuesday at par to yield a spread of Treasuries plus 182 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB-/BBB+) will reset on May 18, 2028 to a floating rate of Libor plus 175.4 bps.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, NatWest Markets Securities Inc. and UBS Securities LLC were the bookrunners.
Proceeds will be used to fund the company’s general banking business.
Royal Bank of Scotland Group is a banking and financial services company based in Edinburgh, Scotland.
| Issuer: | Royal Bank of Scotland Group plc
|
| Amount: | $1.75 billion
|
| Maturity: | May 18, 2029
|
| Description: | Fixed-to-floating rate senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, NatWest Markets Securities Inc. and UBS Securities LLC
|
| Coupon: | 4.892%; resets May 18, 2028 to floating rate of Libor plus 175.4 bps
|
| Price: | Par
|
| Yield: | 4.892%
|
| Spread: | Treasuries plus 182 bps
|
| Call feature: | At par on call date in 2028
|
| Trade date: | May 15
|
| Settlement date: | May 18
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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