Book size: 1700; Redemption: 2036-02-25; Registration: Reg S Only; Comments: EUR750m Green 11NC10 fxd-to-frn cpn 3.756% at 100, yld 3.756%. Spread: MS+100. DBR 2.9% Feb-36 +101.2bps (bid 101.34, HR 94%). LEI: 2138005O9XJIJN4JPN90;
Deal Comments
Reoffer: 11NC10: MS+100bp / 100.000 / 3.756%
Benchmark: 11NC10: DBR 2.9% Feb-36 @ 101.34 / B+101.2bp (HR 94%)
Allocs Out: Books €2bn+ (good at re-offer, pre-rec)
Spread set at: 11NC10: MS+100bp (Books c. €4bn (incl. €50m JLM)); Books subject 12:45 UKT
IPTs: 11NC10: MS+130bp area
Issuer: NatWest Group plc
Issuer LEI: 2138005O9XJIJN4JPN90
Expected Ratings: A3/A-/A+ (Moody's/S&P/Fitch)
Ranking: Senior, unsecured, unsubordinated
Settlement: 25-Feb-26 (T+5)
Size: €750m
Maturity: 25 February 2037
Optional Redemption: 25 February 2036 (one time call at par)
Reoffer: MS+100bp / 100.000 / 3.756%
Bund Ref: DBR 2.9% Feb-36 +101.2bp (bid 101.34, HR 94%)
Initial Coupon: 3.756% Fixed, Annual, Act/Act ICMA
Reset Coupon: If not redeemed at the Optional Redemption Date, the coupon will be 3m€+107.6bp per annum floating rate
GSS Structuring Co-ordinator: NatWest
Joint Bookrunners: Crédit Agricole CIB, Deutsche Bank, Mizuho, NatWest (B&D), Santander, Société Générale
Listing: The Regulated Market of the London Stock Exchange and the London Stock Exchange Sustainable Bond Market
Use of Proceeds: The Group intends to apply an amount equal to the net proceeds of the Notes to finance and/or refinance a portfolio of Eligible Green Loans within the Green Buildings category of the Issuer's Green, Social and Sustainability Financing Framework, published on 5 December 2022, and as amended or supplemented from time to time (the "Framework"). Such Eligible Green Loans will be selected in accordance with the eligibility criteria set out in the Framework. The Group will manage and allocate the net proceeds in accordance with the processes and controls as set out in the Framework
ISIN / Common Code: XS3303714045 / 330371404
Documentation: £40bn EMTN programme dated 05 December 2025 and as supplemented on 13 February 2026 (together, the "Base Prospectus")
Denominations: €100k + €1k
Governing Law: English (except Scots law for set-off)
Format: Bearer
Restrictions: Reg S, Cat 2, TEFRA D and per the Base Prospectus
Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs Key Information Document has been prepared as not available to retail in the EEA or in the UK.
Timing: Priced, ToE 15.14 UKT / FTT 15.40 UKT
Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available to investors on request from your usual sales contact.
Advertisement: The Base Prospectus and the supplements are available at https://investors.natwestgroup.com/fixed-income-investors/unsecured-securities-documentation/senior-unsecured and the Final Terms, when published, will be available on the website of the London Stock Exchange: www.londonstockexchange.com.