Nationwide Building Society was more than six times subscribed on its return to the additional tier one (AT1) market on Tuesday, revealing the extent of investors’ appetite for the asset class.
The UK lender raised £600m of perpetual non-call December 2024 AT1s on the back of £3.75bn orders from investors.
Given the strength of demand, the issuer was able to raise more than the £500m it had initially told investors to expect.
Bookrunners Bank of America
, JP Morgan