NatWest Group plc (NWG) Form 424B5 — Oct 14, 2026
NatWest Group plc priced a $1 billion offering of 5.908% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2032, with net proceeds of approximately $996.8 million earmarked to fund its general banking business. The notes pay a fixed 5.908% coupon until October 16, 2031, then reset at the one-year U.S. Treasury Rate plus 0.900%, with an issuer call option on the reset date. The notes are senior unsecured obligations subject to the UK bail-in power, meaning holders consent to potential write-down or conversion to equity in a resolution scenario.
Key figures
- Debt Amount
- 1000000000
- Interest Rate
- 5.908
- Maturity Date
- October 16, 2032
- Gross Proceeds
- 996817400
- Issue date
- October 16, 2026
- Reset spread
- U.S. Treasury Rate + 0.900% from October 16, 2031
- Buyback avg price
- 672.7755 pence per share (£251,536,154 aggregate)
- Underwriting discount
- $2,500,000 (0.250%)
- Owners equity 20260630
- £43,818 million
- Optional redemption date
- October 16, 2031
- Total group indebtedness 20260630
- £76,406 million actual / £77,159 million as adjusted
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