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FIG

Nationwide draws on real money A-list for sub debt return

Nationwide Building Society stormed into the subordinated debt market on Tuesday, gathering around €6bn of demand for a €1.25bn 10 year non-call five trade which was priced well inside initial pricing thoughts. The deal proved real money accounts’ hunger for paper from UK lenders, which will encourage Nationwide’s peers as they gear up for their own subordinated deals.

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