LONDON, Aug. 1, 2022
/PRNewswire/ -- NatWest Group plc ("NatWest Group") and
NatWest Markets N.V. ("NWM N.V.") (each an "Offeror"
and, together, the "Offerors") have each launched today
separate tender offers to purchase for cash (with respect to the
tender offers launched by NatWest Group, the "NatWest Group
Offer", and with respect to the tender offers launched by NWM
N.V., the "NWM N.V. Offer", and collectively, the
"Offers") any and all of certain series of their respective
U.S. dollar denominated notes set out in the table below
(collectively, the "Notes", and each a "Series").
The NatWest Group Offer
is being made on the terms and subject
to the conditions set out in NatWest
Group's offer to purchase dated August 1, 2022 and the related Notice of
Guaranteed Delivery (the "NatWest Group
Offer to Purchase"), and the NWM N.V. Offer
is being made on the terms and subject
to the conditions set out in NWM
N.V.'s offer to purchase dated August 1, 2022 and the related Notice of
Guaranteed Delivery (the "NWM N.V. Offer to Purchase" and,
together with the NatWest Group Offer to Purchase, the "Offers
to Purchase"). Capitalized terms with respect to the
NatWest Group Offer not otherwise defined
in this announcement
have the same meaning as in the
NatWest Group Offer to Purchase and capitalized terms with respect
to the NWM N.V. Offer not otherwise defined in this announcement
have the same meaning as in the NWM N.V. Offer to Purchase.
Purpose of the Offers
Each Offeror is providing the holders of its Notes with an
opportunity to have their Notes repurchased while maintaining a
responsible approach to the management of its capital position and,
in the case of NatWest Group, its MREL (minimum requirement for own
funds and eligible liabilities) position. Each Offeror will
continue to meet all of its capital requirements and, in the case
of the NatWest Group, MREL requirements, irrespective of the
outcome of its Offer.
Terms of the Offers
NatWest Group is offering to purchase for cash, on the terms and
conditions described in the NatWest Group Offer to Purchase, any
and all of the outstanding Notes set out in the table below:
Title of Security
|
Issuer
|
ISIN/CUSIP
|
Principal Amount Issued
|
Principal Amount Outstanding
|
Fixed Spread (bps)
|
Reference U.S. Treasury
Security
|
Maturity
|
Bloomberg Reference Page
|
Hypothetical Purchase Price
(Illustrative)(1)
|
6.125% Subordinated
Tier 2 Notes due 2022
|
The Royal Bank of
Scotland Group plc (2)
|
US780099CE50
/
780099CE5
|
$2,250,000,000
|
$1,303,830,000
|
+40
|
1.625% U.S.
Treasury due December 15, 2022 (ISIN: US912828YW42)
|
December 15,
2022
|
FIT T/0-1
|
$1,010.40
per $1,000
|
6.100% Subordinated
Tier 2 Notes due 2023
|
The Royal Bank of
Scotland Group plc (2)
|
US780097AY76
/
780097AY7
|
$1,000,000,000
|
$465,426,000
|
+90
|
0.250% U.S. Treasury
Security due June 15, 2023 (ISIN: US912828ZU76)
|
June 10,
2023
|
FIT T/0-1
|
$1,018.04
per $1,000
|
6.000% Subordinated
Tier 2 Notes due 2023
|
The Royal Bank of
Scotland Group plc(2)
|
US780097AZ42
/
780097AZ4
|
$2,000,000,000
|
$1,396,278,000
|
+125
|
3.000% U.S. Treasury
Security due June 30, 2024 (ISIN: US91282CEX56)
|
December 19,
2023
|
FIT1
|
$1,023.97
per $1,000
|
5.125% Subordinated
Tier 2 Notes due 2024
|
The Royal Bank of
Scotland Group plc(2)
|
US780099CH81
/
780099CH8
|
$2,250,000,000
|
$1,241,175,000
|
+145
|
3.000% U.S. Treasury
Security due June 30, 2024 (ISIN: US91282CEX56)
|
May 28, 2024
|
FIT1
|
$1,013.01
per $1,000
|
3.875%
Senior Notes due 2023
|
The Royal Bank of
Scotland Group plc(2)
|
US780097BD21
/ 780097BD2
|
$2,650,000,000
|
$2,650,000,000
|
+75
|
3.000% U.S. Treasury
Security due June 30, 2024 (ISIN: US91282CEX56)
|
September 12,
2023
|
FIT1
|
$1,002.23
per $1,000
|
|
|
|
|
|
|
|
|
|
|
(1) For illustrative purposes only, a
hypothetical Purchase Price for each Series is set out in the table
above, based on a hypothetical Price Determination Time of
2.00 p.m. New York City time, on July 29, 2022. Holders should note that the
actual Purchase Price for each Series determined in the manner
described herein and in the relevant Offer to Purchase could differ
significantly from the hypothetical Purchase Price for each Series
set out in the table above.
(2) Currently NatWest Group plc.
NWM N.V. is offering to purchase for cash, on the terms and
conditions described in the NWM N.V. Offer to Purchase, any and all
of the outstanding Notes set out in the table below:
Title of Security
|
Issuer
|
ISIN/CUSIP
|
Principal Amount Issued
|
Principal Amount Outstanding
|
Fixed Spread (bps)
|
Reference U.S. Treasury
Security
|
Maturity
|
Bloomberg Reference Page
|
Hypothetical Purchase Price
(Illustrative)(1)
|
7.750% Subordinated
Deposit Notes, Series B, due 2023
|
NatWest Markets
N.V.(2)
|
US00077TAA25 /
00077TAA2
|
$250,000,000
|
$135,566,000
|
+75
|
0.125% U.S. Treasury
Security due May 15, 2023 (ISIN: US912828ZP81)
|
May 15, 2023
|
FIT T/0-1
|
$1,029.92 per
$1,000
|
7.125% Subordinated
Deposit Notes, Series B, due 2093
|
NatWest Markets
N.V.(2)
|
US00077TAB08 /
00077TAB0
|
$150,000,000
|
$150,000,000
|
+120
|
2.250% U.S. Treasury
Security due February 15, 2052 (ISIN: US912810TD00)
|
Oct 15, 2093
|
FIT1
|
$1,656.99 per
$1,000
|
|
|
|
|
|
|
|
|
|
|
(1) For illustrative purposes only, a
hypothetical Purchase Price for each Series is set out in the table
above, based on a hypothetical Price Determination Time of
2.00 p.m. New York City time, on July 29, 2022. Holders should note that the
actual Purchase Price for each Series determined in the manner
described herein and the relevant Offer to Purchase could differ
significantly from the hypothetical Purchase Price for each Series
set out in the table above.
(2) NatWest Markets N.V. (formerly known as
ABN AMRO Bank N.V., of which ABN AMRO Bank N.V., New York Branch, was a part).
Each Offer will expire
at 5:00 p.m., New York City time,
on August 8, 2022, unless it is extended (such date and time,
as the same may be extended, the "Expiration Deadline") or
earlier terminated.
Purchase Price; Accrued
Interest
Purchase Price
The purchase price (in respect of each Series, the "Purchase
Price") for each $1,000 principal
amount of the Notes of the relevant Series validly tendered and not
validly withdrawn at or prior to the relevant Expiration Deadline
received by the Tender Agent at or prior to the relevant Expiration
Deadline or the relevant Guaranteed Delivery Date (as defined
herein), as the case may be, and accepted for purchase by the
relevant Offeror, will be equal to an amount (rounded to the
nearest cent) that would reflect, as of the relevant Settlement
Date (as defined herein), a yield to the maturity date of such
Series equal to the sum of (i) the Reference Yield (as defined in
the relevant Offer to Purchase) for such Series, plus (ii) the
fixed spread in respect of such Series set forth in the relevant
table above (in respect of each Series, the "Fixed Spread").
Specifically, the relevant Purchase Price will equal (i) the value
of all remaining payments of principal and interest on the Notes of
the relevant Series up to and including the scheduled maturity of
the relevant Series, discounted to the relevant Settlement Date, at
a discount rate equal to (x) the relevant Reference Yield (as
defined in the relevant Offer to Purchase) plus (y) the relevant
Fixed Spread, minus (ii) any Accrued Interest in respect of the
Notes of the relevant Series, in each case calculated in the manner
set out in the relevant Annex to the relevant Offer to
Purchase.
Accrued Interest
In addition to the relevant Purchase Price, holders of the Notes
accepted for purchase pursuant to the relevant Offer(s) will also
receive, on the relevant Settlement Date, accrued and unpaid
interest on each $1,000 principal
amount of such Notes (rounded to the nearest cent) from, and
including, the last interest payment date up to, but not including,
the relevant Settlement Date ("Accrued Interest"). Holders
whose Notes are tendered and accepted for purchase pursuant to the
Guaranteed Delivery Procedures will not receive payment in respect
of any interest for the period from and including the relevant
Settlement Date to the relevant Guaranteed Delivery Settlement
Date. Accrued Interest for each $1,000 principal amount of such Notes validly
tendered and accepted for purchase will be rounded to the nearest
$0.01, with $0.005 being rounded upwards, in accordance with
the conditions of such Notes.
Settlement
Unless an Offer is extended, reopened or earlier terminated,
payment of the relevant Purchase Price, plus any Accrued Interest
to holders of Notes that are validly tendered and not withdrawn and
accepted for purchase in such Offer is expected to be made on
August 10, 2022 (in respect of each
Offer, the "Settlement Date") or, in the case of Notes
accepted for purchase pursuant to the Guaranteed Delivery
Procedure, on August 11, 2022 (in
respect of each Offer, the "Guaranteed Delivery Settlement
Date").
Offer Conditions
Each Offer is not conditional upon any minimum amount of Notes
being tendered. However, each Offer is conditional upon the
satisfaction or waiver of certain conditions described in the
relevant Offer to Purchase.
An Offeror's obligation to accept for purchase and pay for the
Notes that are validly tendered and not withdrawn in the relevant
Offer is not conditioned upon the outcome of the other Offeror's
Offer.
Withdrawal Rights
Notes tendered pursuant to an Offer may be withdrawn at any time
before the relevant Withdrawal Deadline. In addition, if the
relevant Offer is extended, the related Withdrawal Deadline will be
extended to the earlier of (i) the relevant Expiration Deadline (as
extended) and (ii) the 10th Business Day after the commencement of
the relevant Offer (in respect of each Offer, the "Commencement
Date"). Notes tendered pursuant to an Offer may also be
withdrawn at any time after the 60th Business Day after the
relevant Commencement Date if, for any reason, that Offer has not
been consummated within 60 Business Days of the relevant
Commencement Date. If the relevant Offer is terminated without any
Notes being purchased thereunder, the Notes tendered pursuant
thereto will be promptly returned to the tendering holders.
The relevant deadline
set by DTC or any intermediary for the submission of
Tender Instructions may be earlier than the deadlines set out
herein.
Indicative Timetable
The
following table sets out the expected dates and times of the key events
relating to each Offer. This is an indicative timetable and is subject to change.
Events
|
Dates and Times
|
Commencement Date
|
|
Commencement of the
Offers upon the terms
and subject to the conditions set forth in the
relevant Offer to Purchase.
|
August 1,
2022
|
Price Determination
Time
|
|
The time in respect of
each Offer, at which the
Reference Yield for each Series of Notes will be
determined by the relevant Dealer Managers.
|
2:00 p.m., New York
City time, on August 8, 2022, unless otherwise extended in respect
of the relevant Offer
|
Withdrawal Deadline
|
|
The deadline in respect
of each Offer for holders
to validly withdraw Notes tendered before this
date and time, unless otherwise extended as
described herein.
|
5:00 p.m., New York
City time, on August 8, 2022, unless otherwise extended in respect
of the relevant Offer
|
Expiration Deadline
|
|
The deadline in respect
of each Offer for holders
to tender Notes pursuant to the relevant Offer in
order to qualify for payment of the relevant
Purchase Price plus any Accrued Interest.
Each Offeror will issue
a press release
announcing the principal amount of each Series
accepted for purchase pursuant to the relevant
Offer promptly after the relevant Expiration
Deadline.
|
5:00 p.m., New York
City time, on August 8, 2022, unless otherwise extended in respect
of the relevant Offer
|
Guaranteed
Delivery Date
The deadline in respect
of each Offer for holders
using the Guaranteed Delivery Procedures
described in the relevant Offer to Purchase to
deliver their Notes.
|
5:00 p.m. New York
time, on the second Business Day following the relevant Expiration
Deadline
|
Settlement Date
|
|
Payment in respect of
each Offer of the relevant
Purchase Price, plus any Accrued Interest for all
Notes validly tendered and not validly withdrawn
and accepted for purchase pursuant to the
relevant Offer (other than the Notes tendered in
either Offer pursuant to the Guaranteed Delivery
Procedures).
|
Expected on August 10,
2022, the second Business Day following the relevant Expiration
Deadline
|
Guaranteed Delivery Settlement
Date
|
|
Payment in respect of
each Offer of the relevant
Purchase Price plus any Accrued Interest for all
Notes validly tendered and not validly withdrawn
and accepted for purchase pursuant to the
Guaranteed Delivery Procedures.
|
Expected on August 11,
2022, the third Business Day following the relevant Expiration
Deadline
|
The times and dates above are subject, where applicable, to the
right of each Offeror to extend, re-open, amend, limit, terminate
or withdraw its respective Offers, subject to applicable law.
Accordingly, the actual timetable in respect of either or both
Offers may differ significantly from the expected timetable set out
above.
Holders should confirm with the bank, securities broker or
any other intermediary through which they hold their Notes whether
such intermediary needs to receive instructions from a holder
before the deadlines specified above in order for that holder to be
able to participate in, or withdraw their instruction to
participate in, the Offers.
FURTHER INFORMATION
Copies of each Offer to Purchase are available at the following
web address: https://deals.is.kroll.com/natwest
DISCLAIMER
This announcement and each Offer
to Purchase (including the documents incorporated by reference therein)
contain important information which should
be read carefully before
any decision is made with respect to the
relevant Offer. If you are in any doubt as to the contents
of this announcement or the
relevant Offer to Purchase or the action you should take,
you are recommended to seek your own financial and legal
advice, including
as to any tax consequences, immediately from your stockbroker, bank manager,
solicitor, accountant or other independent financial or legal
adviser. Any individual or company whose
Notes are held on its behalf
by a broker, dealer, bank,
custodian, trust company or other
nominee or intermediary must contact such entity
if it wishes to participate in the Offers.
None of the Offerors, the Dealer Managers, the Tender Agent,
the fiscal agent or the trustee (as applicable) with respect to the
Notes (or any of their respective directors, employees or
affiliates)
make any recommendation as to whether holders should tender Notes pursuant
to the Offers.
OFFER RESTRICTIONS
European Economic Area ("EEA")
The communication of this announcement, the Offers to Purchase
and any other documents or materials relating to the Offers do not
constitute an offer of securities to the public for the purposes of
Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation")
and accordingly the requirement to produce a prospectus under the
Prospectus Regulation does not apply to the Offers.
United Kingdom
The communication of this announcement, the Offers to Purchase
and any other documents or materials relating to the Offers are not
being made, and such documents and/or materials have not been
approved, by an authorized person for the purposes of section 21 of
the Financial Services and Markets Act 2000 (the "FSMA").
Accordingly, this announcement, the Offers to Purchase and such
other documents and/or materials are not being distributed to, and
must not be passed on to, the general public in the United Kingdom. The communication of the
Offers to Purchase and such other documents and/or materials is
exempt from the restriction on financial promotions under section
21 of the FSMA on the basis that they are only being distributed to
and are only directed at persons to whom they can lawfully be
circulated outside the United
Kingdom or to: (i) persons in the United Kingdom having professional experience
in matters relating to investments falling within the definition of
investment professionals (as defined in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (as amended, the "Order")); (ii) persons falling within
Article 43 of the Order; or (iii) any other persons to whom the
relevant Offer to Purchase and such other documents and/or
materials may otherwise lawfully be communicated under the Order
(all such persons together being referred to as "relevant
persons"). This announcement and the Offers to Purchase and such
documents and/or materials are directed only at relevant persons
and must not be acted on or relied on by persons who are not
relevant persons. Any investment or investment activity to which
this announcement and the Offers to Purchase relate is available
only to relevant persons and will be engaged in only with relevant
persons.
The communication of this announcement, the Offers to Purchase
and any other documents or materials relating to the Offers do not
constitute an offer of securities to the public for the purposes of
s of Regulation (EU) 2017/1129 (as amended) as it forms part of
United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018 (EUWA) (the
"UK Prospectus Regulation") and accordingly the requirement
to produce a prospectus under the UK Prospectus Regulation does not
apply to the Offers.
Belgium (in respect of the
NatWest Group Offer only)
Neither this announcement (in so far as it relates to the
NatWest Group Offer), the NatWest Group Offer to Purchase nor any
other documents or materials relating to the NatWest Group Offer
have been submitted to or will be submitted for approval or
recognition to the Financial Services and Markets Authority
(Autorité des services et marchés financiers / Autoriteit voor
financiële diensten en markten) and, accordingly, the NatWest
Group Offer may not be made in Belgium by way of a public offering, as
defined in Articles 3 and 6 of the Belgian Law of April 1, 2007 on public takeover bids as amended
or replaced from time to time. Accordingly, the NatWest Group Offer
may not be advertised and the NatWest Group Offer will not be
extended, and neither this announcement, the NatWest Group Offer to
Purchase nor any other documents or materials relating to the
NatWest Group Offer (including any memorandum, information
circular, brochure or any similar documents) have been or shall be
distributed or made available, directly or indirectly, to any
person in Belgium other than
"qualified investors" in the sense of Article 2(e) of the
Prospectus Regulation, acting on their own account. This
announcement (in so far as it relates to the NatWest Group Offer)
and the NatWest Group Offer to Purchase have been issued only for
the personal use of the above qualified investors and exclusively
for the purpose of the NatWest Group Offer. Accordingly, the
information contained in this announcement (in so far as it relates
to the NatWest Group Offer) and the NatWest Group Offer to Purchase
may not be used for any other purpose or disclosed to any other
person in Belgium.
France
This announcement, the Offers to Purchase and any other
documents or offering materials relating to the Offers may not be
distributed in the Republic of France except to qualified investors
(investisseurs qualifiés) as defined in Article 2(e) of the
Prospectus Regulation. This announcement and the Offers to Purchase
have not been and will not be submitted for clearance to the
Autorité des marchés financiers.
Italy
None of the Offers, this announcement, the Offers to Purchase or
any other documents or materials relating to the Offers has been or
will be submitted to the clearance procedure of the Commissione
Nazionale per le Società e la Borsa ("CONSOB"), pursuant to
applicable Italian laws and regulations.
The Offers are being carried out in the Republic of Italy ("Italy") as an exempted offer pursuant to
article 101-bis, paragraph 3-bis of the Legislative Decree No. 58
of February 24, 1998, as amended (the
"Financial Services Act") and article 35-bis, paragraph 4 of CONSOB
Regulation No. 11971 of May 14, 1999,
as amended (the "Issuers' Regulation"). The Offers are also being
carried out in compliance with article 35-bis, paragraph 7 of the
Issuers' Regulation.
Holders or beneficial owners of the Notes located in
Italy can tender the Notes through
authorized persons (such as investment firms, banks or financial
intermediaries permitted to conduct such activities in Italy in accordance with the Financial
Services Act, CONSOB Regulation No. 20307 of February 15, 2018, as amended from time to time,
and Legislative Decree No. 385 of September
1, 1993, as amended) and in compliance with applicable laws
and regulations or with requirements imposed by CONSOB or any other
Italian authority.
Each intermediary must comply with the applicable laws and
regulations concerning information duties vis-à-vis its
clients in connection with the Notes and the Offers.
General
The Offers do not constitute an offer to buy or the solicitation
of an offer to sell Notes (and offers to sell will not be accepted
from the holders) in any circumstances in which such offer or
solicitation is unlawful. In those jurisdictions where the
securities or other laws require the Offers to be made by a
licensed broker or dealer or similar and any of the Dealer Managers
or any of the Dealer Manager's respective affiliates is such a
licensed broker or dealer in that jurisdiction, the Offers shall be
deemed to be made by such Dealer Manager or affiliate, as the case
may be, on behalf of the relevant Offeror in such jurisdiction.
Each holder participating in the Offers will be deemed to give
certain representations in respect of the jurisdictions referred to
above and generally as set out in the relevant Offer to Purchase.
Any tender of Notes pursuant to an Offer to Purchase from a holder
that is unable to make these representations will be rejected. Each
of the Offerors, the Dealer Managers and Kroll Issuer Services
Limited reserves the right, in its absolute discretion (and without
prejudice to the relevant holder's responsibility for the
representations made by it), to investigate in relation to any
tender of Notes, whether any such representation given by a holder
is correct and, if such investigation is undertaken and as a result
the relevant Offeror determines (for any reason) that such
representation is not correct, such offer to sell will be
rejected.
Each Offeror and their respective affiliates expressly reserve
the right at any time or from time to time following completion or
termination of the Offers made by it, to purchase or exchange or
offer to purchase or exchange Notes or to issue an invitation to
submit offers to sell Notes (including, without limitation, those
tendered pursuant to the relevant Offer(s) but not accepted for
purchase by it) through open market purchases, privately negotiated
transactions, tender offers, exchange offers or otherwise, in each
case on terms that may be more or less favorable than those
contemplated by the relevant Offer(s). In addition, each Offeror
also reserves the right to issue new debt securities from time to
time, including during the term of the Offers made by it.
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY
HAVE QUALIFIED AS INSIDE INFORMATION FOR NATWEST GROUP PLC, FOR THE
PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014
(MAR) AS IT FORMS PART OF DOMESTIC LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018. THIS ANNOUNCEMENT IS MADE BY
ALEXANDER HOLCROFT, HEAD OF INVESTOR
RELATIONS FOR NATWEST GROUP PLC.
THIS ANNOUNCEMENT CONTAINS INFORMATION THAT QUALIFIED OR MAY
HAVE QUALIFIED AS INSIDE INFORMATION FOR NatWest Markets N.V., FOR
THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU)
596/2014 (MAR). FOR THE PURPOSES OF MAR AND ARTICLE 2 OF COMMISSION
IMPLEMENTING REGULATION (EU) 2016/1055, THIS ANNOUNCEMENT IS MADE
BY Vasileios TSAGRIS, TREASURER OF NatWest Markets N.V.
Legal Entity
Identifiers
|
|
NatWest Group
plc
|
2138005O9XJIJN4JPN90
|
NatWest Markets
N.V.
|
X3CZP3CK64YBHON1LE12
|
FORWARD-LOOKING STATEMENTS
From time to time, the Offerors may make statements, both
written and oral, regarding our assumptions, projections,
expectations, intentions or beliefs about future events.
These statements constitute "forward-looking statements". The
Offerors caution that these statements may and often do vary
materially from actual results. Accordingly, the Offerors
cannot assure you that actual results will not differ materially
from those expressed or implied by the forward-looking statements.
You should read the sections entitled "Risk Factors" in the
relevant Offer to Purchase, in the Annual Report and H1 2022
Interim Report of the relevant Offeror which is incorporated by
reference therein and "Forward-Looking Statements" in the
Annual Report and H1 2022 Interim Report of the relevant Offeror,
which is incorporated by reference in the relevant Offer to
Purchase.
Any forward-looking statements made herein or in the documents
incorporated by reference herein speak only as of the date they are
made. Except as required by the U.K. Financial Conduct Authority
(the "FCA") or the Dutch Authority for the Financial Markets (the
"AFM"), as applicable, any applicable stock exchange or any
applicable law, the Offerors expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement contained in the relevant Offer to
Purchase or the documents incorporated by reference herein to
reflect any changes in expectations with regard thereto or any new
information or any changes in events, conditions or circumstances
on which any such statement is based. The reader should, however,
(i) with respect to NatWest Group consult any additional
disclosures that NatWest Group has made or may make in documents
that NatWest Group has filed or may file with the U.S. Securities
and Exchange Commission and (ii) with respect to NWM N.V. consult
any additional disclosures that NWM N.V. has made or may make in
documents that NWM N.V. has filed or may file with the AFM.
View original
content:https://www.prnewswire.com/news-releases/natwest-group-plc-and-natwest-markets-nv-commence-separate-cash-tender-offers-for-certain-of-their-respective-outstanding-notes-301597134.html
SOURCE NatWest Markets N.V.; NatWest Group plc