Shearman & Sterling represented the underwriters, led by NatWest Markets Securities Inc. and BofA Securities, Inc., in connection with The Royal Bank of Scotland Group’s (“RBSG”) offering of $1 billion 3.073% fixed-to-fixed reset rate senior notes due 2028 and $600 million 2.359% fixed-to-fixed reset rate senior green notes due 2024. The joint bookrunners included Credit Suisse, Morgan Stanley and, with respect to the green notes only, TD Securities.
Headquartered in Edinburgh, RBSG has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers. In June 2019, RBSG established its Green, Social and Sustainability Bond Framework (the “Framework”), consistent with principles and guidelines administered by the International Capital Market Association and aimed at attracting dedicated funding for loans and investments that bring a positive environmental and social impact. The net proceeds from the green notes will be utilised in accordance with the Framework’s criteria and evaluation and selection process, with a focus on enabling investments that support a transition to a low-carbon economy and creating long-term value for RBSG’s stakeholders.
The Shearman & Sterling team below also included associate Harekrishna Ashar.