Obligation NatWest Markets Ltd 2.375% ( USG6382GQU96 ) en USD

NatWest Markets Ltd

100 % ▲

Royaume-Uni

USG6382GQU96 ( en USD )

2.375% par an ( paiement semestriel )

21/05/2023 - Obligation échue

Prospectus brochure de l'obligation Natwest Markets plc USG6382GQU96 en USD 2.375%, échue

200 000 USD

1 000 000 000 USD

G6382GQU9

A- ( Qualité moyenne supérieure )

N/A

NatWest Markets plc est la division de marchés de gros de NatWest Group, offrant des services de banque d'investissement, de négociation et de gestion des risques à une clientèle institutionnelle mondiale.

L'Obligation émise par NatWest Markets Ltd ( Royaume-Uni ) , en USD, avec le code ISIN USG6382GQU96, paye un coupon de 2.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/05/2023
L'Obligation émise par NatWest Markets Ltd ( Royaume-Uni ) , en USD, avec le code ISIN USG6382GQU96, a été notée A- ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

FINAL TERMS
PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS The Notes are not intended to
be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to
any retail investor in the European Economic Area (the `EEA') or in the United Kingdom (`UK'). For these
purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of
Article 4(1) of Directive 2014/65/EU (as amended, `MiFID II'); or (ii) a customer within the meaning of
Directive 2016/97/EU (as amended or superseded, the `Insurance Distribution Directive'), where that
customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.
Consequently, no key information document required by Regulation (EU) No. 1286/2014 (as amended, the
`PRIIPs Regulation') for offering or selling the Notes or otherwise making them available to retail investors in
the EEA or in the UK has been prepared and therefore offering or selling the Notes or otherwise making them
available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.
MiFID II Product Governance / Professional investors and ECPs only target market Solely for the
purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes
has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional
clients only, each as defined in MiFID II; and (ii) all channels for distribution of the Notes to eligible
counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Notes (a `distributor') should take into consideration the manufacturer's target market
assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the manufacturer's target market assessment)
and determining appropriate distribution channels.
14 May 2020
NATWEST MARKETS PLC
US$ 10,000,000,000
US Medium-Term Note Programme
Issue of $ 1,000,000,000 2.375% Senior Notes due 2023

PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purpose of the Terms and Conditions of the
Notes (the `Conditions') set forth in the Base Prospectus dated 13 May 2020 which constitutes a base
prospectus (the `Base Prospectus') for the purposes of Regulation (EU) 2017/1129, as amended or superseded
(the `Prospectus Regulation'). This document constitutes the Final Terms of the Notes described herein for the
purposes of Article 8 of the Prospectus Regulation and must be read in conjunction with the Base Prospectus.
Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of
these Final Terms and the Current Base Prospectus (as defined below). The Current Base Prospectus is
available for viewing at www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
and copies may be obtained from NatWest Markets Plc, 36 St Andrew Square, Edinburgh EH2 2YB.

1.
Issuer:
NatWest Markets Plc
2.
(i)
Series Number:
3

(ii)
Tranche Number:
1

(iii)
Date on which the Notes will be
Not Applicable
consolidated and form a single Series:
3.
(i)
Specified Currency or Currencies:
US dollars

(ii)
Indicate Payment in US dollars or
$ 1,000,000,000
Specified Currency:
4.
Aggregate Nominal Amount:
$ 1,000,000,000
(i) Series:
$ 1,000,000,000

(ii) Tranche:
$ 1,000,000,000
5.
Issue Price:
99.681 per cent. of the Aggregate Nominal
Amount
6.
(i)
Specified Denomination(s):
$200,000 and integral multiples of $1,000 in
excess thereof

(ii)
Calculation Amount:
$1,000
7.
(i)
Issue Date:
21 May 2020

(ii)
Interest Commencement Date:
21 May 2020
8.
Maturity Date:
21 May 2023
9.
Form of Notes:
Regulation S/Rule 144A Global Notes
10.
Interest Basis:
2.375% per cent. Fixed Rate

11.
Redemption/Payment Basis:
Subject to any purchase and cancellation or early
redemption, the Notes will be redeemed on the
Maturity Date at 100 per cent. of their Aggregate
Nominal Amount
12.
Change of Interest Basis or Redemption/Payment

Basis:
Not Applicable
13
Call/Put Options:
Not Applicable
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

14.
Fixed Rate Note Provisions
Applicable

(i)
Rate of Interest:
2.375 per cent. per annum in arrear on each
Interest Payment Date

(ii)
Interest Payment Dates(s):
May 21 and November 21 of each year,
commencing November 21, 2020 and ending on
the Maturity Date

(iii)
Fixed Interest Amount(s):
$ 11.875 per Calculation Amount

(iv)
Broken Amount(s):
Not Applicable

(v)
Day Count Fraction:
30/360

(vii)
Business Day Convention:
Following Business Day Convention, unadjusted
15.
Reset Note Provisions
Not Applicable
16.
Floating Rate Note Provisions
Not Applicable
17.
Zero Coupon Note Provisions
Not Applicable

PROVISIONS RELATING TO REDEMPTION
18.
Notice periods for Condition 6(b)
Minimum period: 5 days

Maximum period: 30 days
19.
Redemption at the Option of the Issuer
Not Applicable
20.
Redemption at the Option of the Noteholders
Not Applicable
21.
Final Redemption Amount
$1,000 per Calculation Amount
22.
(i)
Early Redemption Amount

Early Redemption Amount payable on
$1,000 per Calculation Amount
redemption for taxation reasons:

(ii)
Early Termination Amount

Early Termination Amount payable on
$1,000 per Calculation Amount
Event of Default:

Signed on behalf of the Issuer:
By: ..........................................................
Duly authorised
CC: Citibank N.A., as Fiscal Agent
[Signature Page to Final Terms]

PART B OTHER INFORMATION
1.
Listing and Admission to Trading

(i)
Listing:
The Official List of the Financial Conduct Authority

(ii)
Admission to
Application will be made by the Issuer (or on its behalf) for the
trading:
Notes to be admitted to trading on the London Stock Exchange's
regulated market with effect on or about 21 May 2020.

(iii)
Estimate of total
GBP 4,790
expenses related to
admission to
trading:
2.
Rating
The Notes to be issued are expected to be rated:
Baa2/Positive by Moody's Investors Service Ltd (Moody's)
A-/Negative by Standard & Poor's Credit Market Services
France SAS (S&P)
A+/ Negative by Fitch, Inc. (Fitch)

There is no guarantee that any of the above ratings will be
maintained following the date of these Final Terms. Up-to-date
information should always be sought by direct reference to the
relevant rating agency.

Each of Moody's, S&P and Fitch is established in the European
Union and is registered under Regulation (EC) No. 1060/2009,
as amended.
3.
Interests of Natural and Legal Persons involved in the Offer

Save as discussed in the `Plan of Distribution' section of the Base Prospectus, so far as the
Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.
4.
Estimated Net Proceeds

Estimated net proceeds:
$ 994,810,000 (after underwriters' commissions)
5.
Fixed Rate Notes only Yield

Indication of yield:
2.486%

As set out above, the yield is calculated at the Issue Date on
the basis of the Issue Price. It is not an indication of future
yield.
6.
Operational Information

ISIN Code:
USG6382GQU96 (Regulation S) / US63906YAA64 (Rule 144A)

CUSIP:
G6382GQU9 (Regulation S) / 63906YAA6 (Rule 144A)

Any clearing system(s) other
Not Applicable
than DTC and the relevant
identification number(s):

Delivery:
Delivery free of payment

Names and addresses of
Not Applicable
additional Paying Agent(s) (if
any):
7.
Distribution

Method of Distribution:
Syndicated

If syndicated, names of Dealers: Citigroup Global Markets Inc., NatWest Markets Securities Inc.,
Mizuho Securities USA LLC, RBC Capital Markets, LLC, Banca
IMI S.p.A., Banco Bilbao Vizcaya Argentaria, S.A., CIBC World
Markets Corp., Commerzbank Aktiengesellschaft, DZ BANK AG,
Scotia Capital (USA) Inc.

Stabilising Manager (if any):
Not Applicable

If Non-syndicated, name of
Not Applicable
relevant Dealer:

Prohibition of Sales to EEA and
Applicable
UK Retail Investors: