New Issue: Nationwide Building sells $1 billion 3.622% notes due 2023 at 125 bps over Treasuries

By Cristal Cody

Tupelo, Miss., April 17 – Nationwide Building Society priced $1 billion of 3.622% notes due April 26, 2023 (Baa1/A/A) on Wednesday at a spread of 155 basis points over Treasuries, according to a market source.

Initial price talk was in the Treasuries plus 145 bps to 150 bps area.

Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and NatWest Markets plc were the lead managers.

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

Issuer:	Nationwide Building Society
Amount:	$1 billion
Description:	Notes
Maturity:	April 26, 2023
Bookrunners:	Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and NatWest Markets plc
Coupon:	3.622%
Spread:	Treasuries plus 125 bps
Trade date:	April 17
Ratings:	Moody’s: Baa1
	S&P: A
	Fitch: A
Distribution:	Rule 144A, Regulation S
Price guidance:	Treasuries plus 145 bps-150 bps area

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