The Royal Bank of Scotland Group’s $1.5 Billion Notes Offering

Davis Polk advised The Royal Bank of Scotland Group plc on the deal, while Shearman & Sterling represented the underwriters.

The Royal Bank of Scotland Group plc, a public limited company incorporated under the laws of Scotland, executed its SEC-registered shelf takedown of $1.5 billion aggregate principal amount of 6.000% reset perpetual subordinated contingent convertible additional tier 1 capital 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 advising The Royal Bank of Scotland Group included partner Reuven B. Young (Picture), counsel Connie I. Milonakis and associate Tanu Sinha. The U.S. tax team included counsel Alon Gurfinkel and associate Summer Xia. Partner Jonathan Cooklin, counsel Dominic Foulkes and associate Freddie Schwier provided U.K. tax advice. Partner Gregory S. Rowland and associate Allison Gunther provided 1940 Act advice.

Shearman & Sterling represented the underwriters, led by NatWest Markets Securities Inc. and J.P. Morgan Securities LLC, with David Dixter, Oscar Lopez, Thomas Donegan, Wilf Odgers, Kristen Garry, Simon Letherman, Daniel Kachmar, Michael Ward, Jennifer D. Morton, P. Sean Kelly, Jenny Ding Jordan, Taylor Pugliese, and Harekrishna Ashar.

Involved fees earner: Jonathan Cooklin – Davis Polk & Wardwell; Dominic Foulkes – Davis Polk & Wardwell; Allison Gunther – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Connie Milonakis – Davis Polk & Wardwell; Gregory Rowland – Davis Polk & Wardwell; Tanu Sinha – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell; Reuven Young – Davis Polk & Wardwell; Freddie Schwier – Freshfields Bruckhaus Deringer LLP; Jenny Ding Jordan – Shearman & Sterling; David Dixter – Shearman & Sterling; Thomas Donegan – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Sean Kelly – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Oscar Lopez – Shearman & Sterling; Jennifer Morton – Shearman & Sterling; Wilf Odgers – Shearman & Sterling; Taylor Pugliese – Shearman & Sterling; Michael Ward – Shearman & Sterling;

Law Firms: Davis Polk & Wardwell; Freshfields Bruckhaus Deringer LLP; Shearman & Sterling;

Clients: J.P. Morgan Securities LLC; NatWest Markets Securities; The Royal Bank of Scotland Group;