Nationwide Building seeks to amend series 2018-1, series 2011-2 bonds

By Sarah Lizee

Olympia, Wash., Oct. 16 – Nationwide Building Society launched a consent bid to amend its £1 billion floating-rate series 2018-1 covered bonds due April 12, 2023 and £750 million 5.625% series 2011-2 covered bonds due Jan. 28, 2026, according to a notice.

Under the amendments, the existing Libor interest basis of each series of bonds would be replaced by a compounded daily Sonia interest basis.

The meetings will take place on Nov. 7.

There is no consent fee.

For each series, at least 75% of votes cast must be in favor of the amendments in order to pass.

In addition, Nationwide announced that it is exploring the potential transition of the remaining sterling floating-rate Libor-linked covered bonds to Sonia, meaning the £100 million floating-rate series 2011-20 covered bonds due Oct. 27, 2026, the £100 million floating-rate series 2011-21 covered bonds due Oct. 27, 2028 and the £50 million floating-rate series 2011-22 covered bonds due Oct. 27, 2031. Nationwide is seeking to engage with the holders of these bonds in order to receive feedback on potential transitioning options.

NatWest Markets plc (+44 20 7678 5282 or liabilitymanagement@natwestmarkets.com) is the solicitation agent.

Nationwide is a member-owned provider of retail financial services based in Swindon, England.

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