By Cristal Cody
Tupelo, Miss., Oct. 29 – Royal Bank of Scotland Group plc priced $750 million of 3.754% 10-year split-rated fixed-to-fixed-rate reset subordinated notes (Baa3/BB+/A-) on Tuesday at par to yield a spread of 210 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes will reset Nov. 1, 2024 to but excluding maturity to a rate equal to Treasuries plus 210 bps.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC, NatWest Markets Securities Inc. and RBC Capital Markets, LLC were the bookrunners.
Proceeds from the deal will be used to fund the company’s general banking business.
Royal Bank of Scotland Group is a banking and financial services company based in Edinburgh, Scotland.
| Issuer: | Royal Bank of Scotland Group plc
|
| Amount: | $750 million
|
| Description: | Fixed-to-fixed-rate reset subordinated notes
|
| Maturity: | Nov. 1, 2029
|
| Bookrunners: | BofA Securities, Inc., Credit Suisse Securities (USA) LLC, NatWest Markets Securities Inc. and RBC Capital Markets, LLC
|
| Coupon: | 3.754%; resets Nov. 1, 2024 to but excluding maturity to rate equal to Treasuries plus 210 bps
|
| Price: | Par
|
| Yield: | 3.754%
|
| Spread: | Treasuries plus 210 bps
|
| Call feature: | At par on Nov. 1, 2024
|
| Trade date: | Oct. 29
|
| Settlement date: | Nov. 1
|
| Ratings: | Moody’s: Baa3
|
| S&P: BB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
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