Commentary & Deal Flow

Reoffer: 5yr: SARON MS+75 / 100 / 1.135% (Govt.+89bp)

Launched: 5yr: CHF 210m @ SARON MS+75bp
Spread set at: 5yr: SARON MS+75bp
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)
• Size: CHF 210m
• Settlement Date: 26-Aug-26
• Maturity: 26-Aug-31 (5 years)
• Coupon: 1.135% p.a.
• Price: 100
• Yield: 1.135%
• Spread: SARON MS+75
• ISIN: CH1593191062
• Security Number: 159319106
• 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
• Denominations: 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.