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News Aug 15, 2016

Shearman & Sterling Advises on The Royal Bank of Scotland’s $2.65 Billion AT1 Offering

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 Shearman & Sterling team was led by partner David Dixter (London-Capital Markets) and included associates Yaw Asare, Randy Nahlé and Elena Dzhurova (all London-Capital Markets). The team also included partners Kristen Garry (Washington DC-Tax), Simon Letherman (London-Tax), Barney Reynolds and Thomas Donegan (both London-Financial Institutions Advisory & Financial Regulatory) and Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory); counsel Jennifer Morton (New York- Financial Institutions Advisory & Financial Regulatory); and associates Kammy Lai (Washington DC-Tax), Adam Sternberg (New York-Tax), Sarah Moir-Porteous (London-Tax), Mak Judge (Singapore-Financial Institutions Advisory & Financial Regulatory), Ben McMurdo (London-Financial Institutions Advisory & Financial Regulatory) and Jenny Ding (New York-Financial Institutions Advisory & Financial Regulatory).