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FIGCovered Bonds

Nationwide blazes trail

The UK’s Nationwide Building Society today priced a groundbreaking 15-year covered bond which, for the first time, has attracted UK insurance company demand on a scale that was, until recently, not imaginable. Recent changes to Solvency II, a significant back up in spreads and several other factors have forced these buyers to look at the product with a fresh set of eyes. And where Nationwide has trailed –others are sure to follow.

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