New Issue: Nationwide Building sells $1 billion 1.7% bonds due 2023 at mid-swaps plus 27 bps

By Cristal Cody

Tupelo, Miss., Feb. 6 – Nationwide Building Society priced $1 billion of 1.7% three-year covered bonds (Aaa/AAA/AAA) on Wednesday at mid-swaps plus 27 basis points, or a spread of 29.75 bps over Treasuries, according to a market source.

Initial price talk was in the mid-swaps plus 30 bps area with guidance tightened to the mid-swaps plus 27 bps area, plus or minus 1 bp.

Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Nomura Securities International, plc and TD Securities (USA) LLC were the bookrunners.

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

Issuer:	Nationwide Building Society
Amount:	$1 billion
Description:	Covered bonds
Maturity:	Feb. 13, 2023
Bookrunners:	Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Nomura Securities International, plc and TD Securities (USA) LLC
Coupon:	1.7%
Spread:	Mid-swaps plus 27 bps, or Treasuries plus 29.75 bps
Trade date:	Feb. 5
Ratings:	Moody’s: Aaa
	S&P: AAA
	Fitch: AAA
Price guidance:	Mid-swaps plus 27 bps area, plus or minus 1 bp; initial talk at mid-swaps plus 30 bps area

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