By Lisa Kerner
Charlotte, N.C., July 22 – Nationwide Building Society priced $1.25 billion of 2.45% five-year notes (Aa3/A/A) at 99.822 to yield 2.488%, according to a news release.
As previously reported, the notes sold at 135 basis points over Treasuries, at the tight end of guidance set in the 140 bps area over Treasuries. Initial price guidance was in the 155 bps area over Treasuries, according to a market source.
The bookrunners were BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC.
The mutual financial company and building society is based in Swindon, England.
| Issuer: | Nationwide Building Society
|
| Amount: | $1.25 billion
|
| Description: | Notes
|
| Maturity: | July 27, 2021
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Coupon: | 2.45%
|
| Price: | 99.822
|
| Yield: | 2.488%
|
| Spread: | Treasuries plus 135 bps
|
| Trade date: | July 20
|
| Settlement date: | July 27
|
| Expected ratings: | Moody’s: Aa3
|
| S&P: A
|
| Fitch: A
|
| Price guidance: | Treasuries plus 140 bps area, tightened from Treasuries plus 155 bps area
|
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