Nationwide hit sterling FRN bid

Nationwide on Tuesday became the third British financial institution to offer a three year floating rate note (FRN) in covered format this year. Looking to harness the remnants of the momentum it built in the market during its dual tranche euro deal at the end of last month, the building society’s deal was more oversubscribed than the other two similar deals done this year — from Abbey and Lloyds Bank — which were priced in January.