Three’s no crowd as Nationwide hit sterling FRN bid

Nationwide became on Tuesday the third British financial institution to offer a three year floating rate note (FRN) 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 — from Abbey and Lloyds Bank — done in January.