Royal Bank of Scotland’s $3 Billion Senior Notes Offering

Shearman & Sterling represented the underwriters, led by RBS Securities Inc., in connection with The Royal Bank of Scotland Group plc’s offering of $1.5 billion 3.498% fixed-rate/floating-rate senior notes due 2023 and $1.5 billion floating-rate senior notes due 2023.

The joint bookrunners included Credit Suisse, Morgan Stanley and UBS Investment Bank.

The Royal Bank of Scotland, headquartered in Edinburgh, has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers.

The Shearman & Sterling team included partner David Dixter (Picture) and associates Elena Dzhurova and Steven Holm (all London-Capital Markets). Other key members of the team included partners Thomas Donegan (London-Financial Institutions Advisory & Financial Regulatory), Kristen Garry (Washington DC-Tax) and Simon Letherman (London-Tax); counsel Jennifer Morton (New York-Financial Institutions Advisory & Financial Regulatory); and associates Jenny Jordan (New York-Financial Institutions Advisory & Financial Regulatory), Anna Doyle, Inyoung Song, Alice Graham (all London-Financial Institutions Advisory & Financial Regulatory), Devon Yamauchi (Washington DC-Tax), Michael Ward and Sarah Moir-Porteous (both London-Tax). Associate Yaw Asare (New York-Capital Markets) also provided assistance on the transaction.


Involved fees earner: David Dixter – Shearman & Sterling; Elena Dzhurova – Shearman & Sterling; Steven Holm – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Sarah Moir-Porteous – Shearman & Sterling; Thomas Donegan – Shearman & Sterling; Jennifer Morton – Shearman & Sterling; Jenny Ding Jordan – Shearman & Sterling; Anna Doyle – Shearman & Sterling; Inyoung Song – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Credit Suisse; Morgan Stanley; UBS Investment Bank; RBS Securities;