26 04 2016

The Royal Bank of Scotland Group plc's $1.5 Billion Notes Offering

Davis Polk advised The Royal Bank of Scotland Group plc, a public limited company incorporated under the laws of Scotland, in connection with its SEC-registered shelf takedown of $1.5 billion aggregate principal amount of 4.800% senior notes due 2026.

The Royal Bank of Scotland Group plc (RBSG) is the holding company of a large global banking and financial services group. Headquartered in Edinburgh, RBSG operates in the United Kingdom, the United States and internationally through its two principal subsidiaries, The Royal Bank of Scotland plc (RBS) and National Westminster Bank Plc (NatWest). Both RBS and NatWest are major U.K. clearing banks. RBSG has a diversified customer base and provides a wide range of products and services to personal, commercial and large corporate and institutional customers. The Davis Polk corporate team included partner Reuven B. Young (Picture) and associates Elisabeth Milan, Quentin Parmentier and P. Cecilia Liu. European counsel Michael Sholem provided regulatory advice. The U.S. tax team included counsel Alon Gurfinkel and associate Nicholas A. Machen. Partner Jonathan Cooklin and counsel David Wilson provided U.K. tax advice. Associate Colleen Blanco provided 1940 Act advice. Shearman & Sterling represented the underwriters, led by RBS Securities Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse with a team including 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. Involved fees earner: Reuven Young - Davis Polk & Wardwell; Elisabeth Milan - Davis Polk & Wardwell; Quentin Parmentier - Davis Polk & Wardwell; Cecilia Liu - Davis Polk & Wardwell; Michael Sholem - Davis Polk & Wardwell; Colleen Blanco - Davis Polk & Wardwell; Alon Gurfinkel - Davis Polk & Wardwell; Nicholas Machen - Davis Polk & Wardwell; Jonathan Cooklin - Davis Polk & Wardwell; David Wilson - Davis Polk & Wardwell; David Dixter - Shearman & Sterling; Yaw Asare - Shearman & Sterling; Kristen Garry - Shearman & Sterling; Kammy Lai - Shearman & Sterling; Simon Letherman - Shearman & Sterling; Sarah Moir-Porteous - Shearman & Sterling; Barney Reynolds - Shearman & Sterling; Thomas Donegan - Shearman & Sterling; Russell Sacks - Shearman & Sterling; Jennifer Morton - Shearman & Sterling; Jenny Ding - Shearman & Sterling;

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