NatWest Launches 500 Million Pounds in New AT1 Bond

Dow Jones

May 27

By Miriam Mukuru

NatWest on Wednesday launched 500 million pounds ($672.3 million) in a new sterling-denominated additional tier 1 (AT1) bond, LSEG data showed.

The bond's first call date is in 2036, the coupon rate is 7.5%, and the bond has an initial price talk of between 8.0% and 8.125%.

NatWest, Bank of America, Morgan Stanley, UBS, JP Morgan, TD Bank, Citi and WFS are the joint bookrunners for the issue.

AT1 bonds are high-risk debt securities issued by banks to strengthen their capital structure.

"We have an outperform recommendation on NatWest AT1s and would see fair value at around 7.5%," CreditSights' Simon Adamson said in a note.

Write to Miriam Mukuru at miriam.mukuru@wsj.com

(END) Dow Jones Newswires

May 27, 2026 09:12 ET (13:12 GMT)

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The bond's first call date is in 2036, the coupon rate is 7.5%, and the bond has an initial price talk of between 8.0% and 8.125%. \n\n\n  NatWest, Bank of America, Morgan Stanley, UBS, JP Morgan, TD Bank, Citi and WFS are the joint bookrunners for the issue. \n\n\n  AT1 bonds are high-risk debt securities issued by banks to strengthen their capital structure. \n\n\n  \"We have an outperform recommendation on NatWest AT1s and would see fair value at around 7.5%,\" CreditSights' Simon Adamson said in a note. \n\n\n \n\n\n  Write to Miriam Mukuru at miriam.mukuru@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 27, 2026 09:12 ET (13:12 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}