Shearman & Sterling represented the underwriters, led by RBS Securities Inc., in connection with The Royal Bank of Scotland Group’s offering of $2.65 billion aggregate principal amount of 8.625% perpetual subordinated contingent convertible additional tier 1 capital notes (callable August 2021 and every five years thereafter). The joint bookrunners included Citigroup, Deutsche Bank, J.P. Morgan 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 Team