The Royal Bank of Scotland plc ("the Bank") is pleased to announce that a £500 million (Junior) Subordinated Upper Tier II issue was launched today. The notes will be perpetual with a first call date of 22 March 2022.

The deal has been priced at a spread of 105 basis points over the UK Treasury 8% due June 2021.

The lead manager and bookrunner for the deal was The Royal Bank of Scotland, Financial Markets, with Lehman Brothers International and UBS Warburg as co-lead managers.

The notes have been issued under the Bank’s Euro Medium Term Note Programme, and are expected to be rated Aa2/A/AA- by Moody’s, S&P and Fitch respectively. The notes will be listed on the London Stock Exchange, when issued.

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