NatWest Group announces redemption of $2.65 billion 8.625% contingent convertibles

By William Gullotti

Buffalo, N.Y., July 13 - NatWest Group plc, formerly Royal Bank of Scotland Group plc, announced it will redeem all outstanding 8.625% perpetual subordinated contingent convertible additional tier 1 capital notes (ISIN: US780097BB64), according to a London Stock Exchange announcement on Tuesday.

The redemption is for all $2.65 billion of notes.

The notes will be redeemed at par plus interest to the redemption date.

Upon redemption, there will be a gain to CET1 of approximately 8 basis points based on first quarter RWAs due to changes in currency rates since issue.

The accrued and unpaid interest will not include the redemption date, Aug. 15.

NatWest is an Edinburgh-based financial services company.

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