New Issue: Nationwide Building prices $1 billion 3.9% 10-year notes at 155 bps spread

By Aleesia Forni

Virginia Beach, July 14 – Nationwide Building Society priced $1 billion of 3.9% notes (A1/A/) due 2025 at 155 basis points over Treasuries, according to a market source.

Pricing was at the tight end of guidance set in the 160 bps area over Treasuries. Initial guidance was set in the range of 165 bps to 170 bps over Treasuries.

The bookrunners for the Rule 144A and Regulation S deal were BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.

The company is based in Swindon, England.

Issuer:	Nationwide Building Society
Amount:	$1 billion
Description:	Notes
Maturity:	July 21, 2025
Bookrunners:	BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
Coupon:	3.9%
Spread:	Treasuries plus 155 bps
Trade date:	July 14
Ratings:	Moody’s: A1
	Standard & Poor’s: A
Price guidance:	Treasuries plus 160 bps area, tightened from Treasuries plus 165 bps to 170 bps
Distribution:	Rule 144A, Regulation S

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