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News Apr 06, 2016

Shearman & Sterling Advises on Royal Bank of Scotland's $1.5 Billion Senior Notes Offering

Shearman & Sterling represented the underwriters, led by RBS Securities, in connection with The Royal Bank of Scotland's $1.5 billion senior notes offering. The bond pays an interest rate of 4.800% due in 2026. The joint bookrunners included Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse.

The Royal Bank of Scotland is 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 of lawyers in the firm’s London, New York and Washington, D.C. offices included capital markets partner David Dixter and associates Yaw Asare and Elena Dzhurova. Partner Kristen Garry and associate Kammy Lai provided U.S. tax advice; and partner Simon Letherman and associate Sarah Moir-Porteous provided U.K. tax advice. Partners Barney Reynolds and Thomas Donegan and associate Uxshely Chotai advised on UK Financial Institutions Regulatory aspects of the offering; and partner Russell Sacks, counsel Jennifer Morton and associate Jenny Ding advised on US financial institutions regulatory aspects of the offering.