Nationwide reels in spread and investors for 15 year covered

Crowd_hands_230px
By Bill Thornhill
22 Jun 2017

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 15 year covered bond issued this year. 

The next highest book for a euro-denominated 15 year was ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.