NatWest Markets $2.5 billion senior fixed- and floating-rate notes offering

Davis Polk advised NatWest Markets Plc, a public limited company incorporated under the laws of Scotland, in connection with an offering under its $10 billion 144A medium-term notes program of $750 million aggregate principal amount of 4.789% senior notes due 2028, $900 million aggregate principal amount of 5.022% senior notes due 2030, $500 million aggregate principal amount of floating-rate senior notes due 2028 and $350 million aggregate principal amount of floating-rate senior notes due 2030. The notes will be listed on the London Stock Exchange.

NatWest Markets is a subsidiary of NatWest Group plc, a banking and financial services group. NatWest Markets provides liquidity, risk management, financing and advisory services, principally to corporates, sponsors, financial institutions and sovereigns as well as customers of the broader NatWest Group. It has sales and trading operations in Amsterdam, London, Singapore and Stamford and sales offices across key locations in the United Kingdom, European Union, United States and Asia.

The Davis Polk U.S. corporate team included partner Reuven B. Young, counsel Maxim Van de moortel and associates Tanu Sinha and Matt Meagher. The U.K. tax team included partner Dominic Foulkes and associate Patrick O’Donovan. Counsel Leon E. Salkin provided 1940 Act advice. Members of the Davis Polk team are based in the London and New York offices.