Nationwide reels in spread and investors for 15 year covered
Nationwide Building Society issued a larger than expected €1bn 15 year covered bond at an optically cheap spread this week, through close to one interpretation of fair value. The huge book supported a 10bp tightening through the process, even though some investors withdrew their orders.
Nationwide issued the bond on Thursday at 30bp over mid-swaps with unreconciled orders of €3bn, by far the highest demand for any
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