LONDON, April 6, 2026, 17:06 (BST)
On Monday, the New York Stock Exchange filed a Form 25, formally delisting NatWest Group’s 4.800% senior notes due 2026. The $1.5 billion bond hit its scheduled maturity on April 5 as set out in the 2016 issue. 1
On paper, this doesn’t look like NatWest is pulling back from U.S. markets. The bank’s 2025 annual report keeps its U.S.-traded depositary shares and a variety of NYSE-listed debt securities in the lineup. In March, a prospectus supplement made clear NatWest is still tapping funding across currencies and maturities. 2
The SEC’s Form 25 formally removes a security from a U.S. exchange. According to the filing, just the 2026 senior notes—unsecured, but still senior to subordinated debt in a default—are affected. It also confirmed both the exchange and the issuer had satisfied the required rules. 1
NatWest, known as Royal Bank of Scotland Group at the time, tapped markets in 2016, raising $1.5 billion from the sale of notes carrying a 4.8% coupon, according to the original prospectus. The bonds come due April 5, 2026. 3
This housekeeping move lands as NatWest pushes to lock in a leaner, higher-yielding business after years spent overhauling operations. Back in May 2025, Reuters reported the bank’s return to full private hands with the UK government exiting its final stake. Then in February, NatWest raised its targets, posting a 2025 pretax profit of 7.7 billion pounds and rolling out a 750 million-pound buyback for 2026. 4
Chief Executive Paul Thwaite, commenting alongside the annual results, said NatWest is “raising our ambition and sharpening our strategic focus, with stretching new targets in place.” Thwaite pointed to growth in retail, private banking and commercial, saying the group heads into 2026 “from a position of strength.” 5
Wealth management sits at the heart of that strategy, with NatWest aiming to ramp up fee income as lending revenue takes a hit from softer interest rates. Back in February, Reuters said the bank’s £2.7 billion move for Evelyn Partners put it shoulder-to-shoulder with HSBC and Lloyds in a packed field. Barclays, for its part, had reportedly been eyeing the asset too. 6
RBC Capital Markets analyst Benjamin Toms called the deal a “bolt on transaction” when it was announced, but said it would still transform NWG’s business by plugging the gap in its affluent wealth segment. The numbers from Jefferies point to the price tag trimming nearly 2% off earnings per share through 2028 versus not doing the deal. 6
NatWest hasn’t stepped back from capital markets, continuing to tap them even as earlier debt ages out. In March, an SEC filing revealed a $750 million sale of subordinated notes maturing in 2047. The bank also noted it “regularly consider[s] various market funding options” spanning both senior and subordinated debt. 7
The real concern for NatWest isn’t just about dropping a single matured bond from a U.S. exchange. The bigger issue: can profit growth hold up as interest rate cuts pressure margins and the bank integrates Evelyn? U.S.-listed shares didn’t budge much, ending Monday at $15.35. 6
