Nationwide Building Society offers benchmark notes in two parts

By Cristal Cody

Tupelo, Miss., March 1 – Nationwide Building Society (Aa3/A/A+) plans to price two tranches of fixed-to-floating rate notes in a Rule 144A and Regulation S benchmark-sized offering on Thursday, according to a market source.

The deal includes notes due March 8, 2024 that were initially talked to price with a spread in the Treasuries plus 125 basis points to 130 bps area.

The rate will reset to a floating rate based on Libor on the optional redemption date of March 8, 2023.

Nationwide Building Society also plans to price notes due March 8, 2028. Initial spread guidance on the notes was in the Treasuries plus 155 bps to 160 bps area.

The rate on the 10-year notes will reset to a floating rate based on a spread over Libor at the March 8, 2028 optional redemption date.

The bookrunners for the 2023 notes are BNP Paribas Securities Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, UBS Securities LLC, Barclays and BofA Merrill Lynch.

The bookrunners on the 2028 notes are BNP Paribas, Citigroup, JPMorgan, UBS Securities, Barclays and Morgan Stanley & Co. LLC.

The mutual financial company and building society is based in Swindon, England.

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