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Commentary & Deal Flow

NEW ISSUE: NatWest Markets Plc Min CHF 150m 5yr Sr Unsec; SARON MS+72/75bp

IGC European Market: Deal Flow - General

Issuer

Term

Maturity

Size

Ranking

Type

IPT

NatWest Markets Plc

5yr

26-Aug-31

Min CHF 150m

Sr Unsec

Fixed

SARON MS+72/75


IPTs: 5yr: SARON MS+72/75bp


  • Issuer: NatWest Markets Plc
  • Ticker: NWG
  • Issuer Domicile: United Kingdom
  • Format: Public Fixed Rate Notes
  • Ranking: Senior, unsubordinated, unsecured, ranking pari passu
  • Issuer Ratings: A1/A/AA (Moody's/S&P/Fitch)
  • Expected Instrument Rating: A1/A/AA (Moody's/S&P/Fitch)
  • Issue Size: Min. CHF 150m
  • Coupon: 1.12% p.a. (indicative)
  • Maturity: 26-Aug-31 (5 years)
  • IPTs: SARON MS +72.0 /+75.0 // YTM 1.12% /1.15% // Govt.+87 /+90
  • Lead Managers: Commerzbank, NatWest, UBS
  • SNB Repo-eligibility: At the discretion of the SNB, expected no
  • Documentation: Based on the Issuer’s EMTN programme dated 05-Dec-25, as supplemented on 13-Feb-26, 01-May-26, 14-May-26, 31-Jul-26, and 03-Aug-26
  • FinSA Prospectus: Delayed Swiss prospectus approval in accordance with article 51(2) FinSA
  • Governing Law: English
  • Covenants: PP, XD
  • SIX Listing: 24-Aug-26
  • Denomination: CHF 100,000 and multiples thereof
  • Sales Restrictions: Reg S, Cat 2, TEFRA D in accordance with Swiss practice (foreign jurisdiction) and as otherwise set forth in the Base Prospectus
  • Target Market: Manufacturer target market as defined by the EU and UK manufacturer: Eligible counterparties and professional clients only (all distribution channels). Subject to applicable selling restrictions. Prohibition of Sales to Retail Investors restrictions apply.
  • Timing: Today's business, books can close at short notice
  • Settle: 26-Aug-26