Nationwide hits squeezed senior market in return to euros

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By Tyler Davies
15 Jul 2020

Nationwide Building Society put an end to a two year absence from the euro senior market this week, taking advantage of solid issuance conditions to bring in €1bn of new funding.

The UK financial institution was able to launch its €1bn five year preferred senior deal at 60bp over mid-swaps on Wednesday.

BNP Paribas, Deutsche Bank, Lloyds and NatWest Markets were the bookrunners. They started the pricing in the 80bp area, but were able to bring the spread ...

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