Davis Polk advised NatWest Markets Plc, a public limited company incorporated under the laws of Scotland, in connection with the update of its $10 billion 144A medium-term notes programme and its offering thereunder of $1 billion aggregate principal amount of 2.375% senior notes due 2023. The notes are listed on the London Stock Exchange.

NatWest Markets is the investment banking arm of The Royal Bank of Scotland Group plc, a banking and financial services group. NatWest Markets provides risk management, trading solutions and debt financing principally to financial institutions and corporate customers. It has sales and trading operations in London, Singapore and Stamford and sales offices in Hong Kong and Tokyo.

The Davis Polk U.S. corporate team included partner Reuven B. Young and associates Maxim Van de moortel and Tanu Sinha. The U.S. tax team included counsel Alon Gurfinkel and associate Summer Xia. Partner Jonathan Cooklin and counsel Dominic Foulkes provided U.K. tax advice. Partner Gregory S. Rowland and associate Matthew R. Silver provided 1940 Act advice. Members of the Davis Polk team are based in the London and New York offices.