By Cristal Cody
Tupelo, Miss., July 25 – Nationwide Building Society priced $1 billion of 4.363% fixed-to-floating-rate notes due Aug. 1, 2024 (Baa1/BBB+/A) on Wednesday at a spread of 155 basis points over Treasuries, according to a market source.
The rate will reset to a floating rate of Libor plus 139.2 bps after the initial fixed-rate period.
The notes were initially talked to price with a spread in the Treasuries plus 170 bps area with guidance later tightened to the Treasuries plus 160 bps area, plus or minus 5 bps.
The bookrunners were BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The mutual financial company and building society is based in Swindon, England.
| Issuer: | Nationwide Building Society
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| Amount: | $1 billion
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| Description: | Fixed-to-floating-rate notes
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| Maturity: | Aug. 1, 2024
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| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Coupon: | 4.363%; resets after initial fixed-rate period to Libor plus 139.2 bps
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| Spread: | Treasuries plus 155 bps
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| Trade date: | July 25
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Fitch: A
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| Distribution: | Rule 144A, Regulation S
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| Price guidance: | Treasuries plus 160 bps area, plus or minus 5 bps; initial price talk at Treasuries plus 170 bps area
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