Issuance and capital management strategy
In 2024, expect issuance to be active from HoldCo and OpCo, across multiple asset classes
Issuing entity structure
External issuance of AT1, Tier 2 and MREL is only from NatWest Group plc, the group holding company.
Subsidiary operating companies will only issue internal AT1, Tier 2 and MREL.
NatWest Bank Plc issues senior secured securities externally.
Natwest Markets Plc issues senior unsecured securities externally.
Current credit ratings for NatWest Group and its major subsidiaries can be found here.