Commentary & Deal Flow

NatWest Markets PLC (NWG) A1/A/AA- US$ benchmark 144A/Reg S no reg rights 3-part sr notes (3y FXD and/or FRN due 11/6/28 and 5y FXD due 11/6/30). BofA/Citi/NatWest (B&D)/RBC/TD joint active books. UOP: gcp. Denoms: 200,000 x 1,000. Sales into Canada: yes via exemption. Listing: London Stock Exchange. Governing Law: NY. Pricing 10/30. Settle 11/6 (T+5). IPTs: 3y T+ 80 area and SOFR equiv, 5y T+95 area.