By Andrea Heisinger
New York, Feb. 18 - Nationwide Building Society priced $1.5 billion of notes (Aa3/A+/) on Thursday in two tranches late in the afternoon, a source close to the sale said.
The $700 million of 4.65% five-year notes priced at 99.881 to yield 4.677%, or 225 basis points over Treasuries.
An $800 million tranche of 6.25% 10-year notes priced at 99.736 to yield 6.286%, or 250 bps over Treasuries.
The tranches are non-callable.
Both were talked in line with or higher than where they were priced, the source said. Guidance was in the "mid-200s, 250 bps area," she said.
Bank of America Merrill Lynch, Barclays Capital and Morgan Stanley & Co. ran the books.
The banking and financial services company is based in Swindon, England.
| Issuer: | Nationwide Building Society
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital, Morgan Stanley & Co.
|
| Trade date: | Feb. 18
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
|
|
| Five-year notes
|
| Amount: | $700 million
|
| Maturity: | Feb. 25, 2015
|
| Coupon: | 4.65%
|
| Price: | 99.881
|
| Yield: | 4.677%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Non-callable
|
| Price talk: | Mid-200 bps area
|
|
|
| 10-year notes
|
| Amount: | $800 million
|
| Maturity: | Feb. 25, 2020
|
| Coupon: | 6.25%
|
| Price: | 99.736
|
| Yield: | 6.286%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Non-callable
|
| Price talk: | Mid-200 bps area
|
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