Shearman & Sterling is acting as US counsel to the managers of Royal Bank of Scotland’s offer to buy back outstanding debt securities. RBS has launched the $8.1 billion buyback of debt securities to strengthen its own capital base.

Lead partner Jacques McChesney commented: “We are very pleased to assist RBS Group, UBS and HSBC as managers of this transaction. The offering may well be the largest ever cash debt tender offer.”

The Shearman & Sterling team representing RBS, UBS and HSBC also included partners Richard Price (London-Capital Markets), Lisa Jacobs (New York-Capital Markets) and Abigail Arms (Washington-Capital Markets) and associates Apostolos Gkoutzinis (London-Capital Markets), Paul Beck (London-Capital Markets), Cedric Van den Borren (London-Capital Markets) and Tasha Matharu (London-Capital Markets).

For more information, please contact: Caroline Paul | London | T +44 20 7655 5068 |