Davis Polk Advises The Royal Bank of Scotland Group plc on Its $1 Billion Senior Notes and Inaugural $600 Million Green Notes Offering

Davis Polk advised The Royal Bank of Scotland Group plc, a public limited company incorporated under the laws of Scotland, in connection with its SEC-registered shelf takedown of $1 billion aggregate principal amount of senior callable fixed-to-fixed reset rate notes due 2028 and $600 million aggregate principal amount of senior callable fixed-to-fixed reset rate green notes due 2024 (RBSG’s first SEC-registered offering of green notes).

RBSG is the holding company of a large banking and financial services group. Headquartered in Edinburgh, RBSG operates in the United Kingdom and internationally through a network of branches, local banks and non-bank subsidiaries. The banks in the Group authorized in the United Kingdom include NatWest Markets Plc, National Westminster Bank Plc, Coutts & Co and Ulster Bank Limited. RBSG has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers.

The Davis Polk corporate team included partner Reuven B. Young, counsel Connie I. Milonakis and associate 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, counsel Sarah E. Kim and associate Matthew R. Silver provided 1940 Act advice. Members of the Davis Polk team are based in the London and New York offices.