Nationwide's Sonia conversion is positive

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Covered Bonds

Nationwide's Sonia conversion is positive

Bill Thornhill
July 17, 2019 02:15 pm
Nationwide_PA_230x150
File photo dated 04/09/14 of a Nationwide branch. Nationwide Building Society has seen its annual profits tumble by nearly a quarter after it moved to protect savers from rock-bottom interest rates. | Jonathan Brady/PA Wire/PA Images

Nationwide Building Society has restructured the swaps underlying its covered bond programme to ensure a proportionate share of the cover pool's mortgage interest will be swapped to Sonia, winning approval from Moody's this week.

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Bill Thornhill
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