NatWest Group plc ESTIMATED IMPACT OF TENDER OFFERS (9328Z)
September 23 2020 - 1:12PM
UK Regulatory
TIDMNWG
RNS Number : 9328Z
NatWest Group plc
23 September 2020
NatWest Group plc
23 September 2020
NATWEST GROUP PLC - ESTIMATED IMPACT OF TENDER OFFERS FOR
CERTAIN OF ITS OUTSTANDING NOTES
Further to the announcement dated 22 September 2020 "Results of
tender offers for certain of its outstanding notes", NatWest Group
plc confirms that it has accepted $1,977,326,000 in aggregate
principal amount of the securities that were validly tendered. This
includes an amount due under Guaranteed Delivery of $9,418,000,
which is due to be confirmed at 10pm, London time, 23 September
2020. The principal amount outstanding prior to the tender offer
was $4,405,319,000.
NatWest Group plc undertook the offers in order to provide the
holders of the outstanding notes with an opportunity to have their
notes repurchased while maintaining a prudent approach to the
management of NatWest Group plc's capital position.
NatWest Group plc estimates the impact of this transaction will
be a charge to income in its Q3 results of approximately GBP325
million with the final charge dependent on foreign exchange rate
movements until the settlement date of 24 September 2020. After
taking into account the estimated effects of taxation, and based on
risk weighted assets of GBP181.5 billion as reported for 30 June
2020, this would equate to a reduction in the CET1 capital ratio of
approximately 15 bps.
FURTHER INFORMATION
Investor Relations
Alexander Holcroft
Head of Investor Relations
+44 (0) 20 7672 1758
Paul Pybus
Head of Debt Investor Relations
+44 (0)776 916 1183
Legal Entity Identifiers
NatWest Group plc 2138005O9XJIJN4JPN90
Forward-looking statements
This document contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995, such as statements that include, without limitation,
the words 'expect', 'estimate', 'project', 'anticipate', 'commit',
'believe', 'should', 'intend', 'plan', 'could', 'probability',
'risk', 'Value-at-Risk (VaR)', 'target', 'goal', 'objective',
'may', 'endeavour', 'outlook', 'optimistic', 'prospects' and
similar expressions or variations on these expressions. These
statements concern or may affect future matters, such as NatWest
Group's future economic results, business plans and strategies. In
particular, this document may include forward-looking statements
relating to NatWest Group in respect of, but not limited to: its
regulatory capital position and related requirements, its financial
position, profitability and financial performance (including
financial, capital and operational targets), its access to adequate
sources of liquidity and funding, increasing competition from new
incumbents and disruptive technologies, its exposure to third party
risks, its ongoing compliance with the UK ring-fencing regime and
ensuring operational continuity in resolution, its impairment
losses and credit exposures under certain specified scenarios,
substantial regulation and oversight, ongoing legal, regulatory and
governmental actions and investigations, the transition of LIBOR
and IBOR rates to alternative risk free rates and NatWest Group's
exposure to economic and political risks (including with respect to
terms surrounding Brexit and climate change), operational risk,
conduct risk, cyber and IT risk, key person risk and credit rating
risk. Forward-looking statements are subject to a number of risks
and uncertainties that might cause actual results and performance
to differ materially from any expected future results or
performance expressed or implied by the forward-looking statements.
Factors that could cause or contribute to differences in current
expectations include, but are not limited to, the final number of
PPI claims and their amounts, the level and extent of future
impairments and write-downs, including with respect to goodwill,
legislative, political, fiscal and regulatory developments,
accounting standards, competitive conditions, technological
developments, interest and exchange rate fluctuations, general
economic and political conditions and the uncertainty surrounding
the Covid-19 pandemic and its impact on NatWest Group. These and
other factors, risks and uncertainties that may impact any
forward-looking statement or NatWest Group plc's actual results are
discussed in NatWest Group plc's UK 2019 Annual Report and Accounts
(ARA), NatWest Group plc's Interim Results for Q1 2020 and NatWest
Group plc's Interim Results for H1 2020 and materials filed with,
or furnished to, the US Securities and Exchange Commission,
including, but not limited to, NatWest Group plc's most recent
Annual Report on Form 20-F and Reports on Form 6-K. The
forward-looking statements contained in this document speak only as
of the date of this document and NatWest Group plc does not assume
or undertake any obligation or responsibility to update any of the
forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except to
the extent legally required.
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