Nationwide polishes funding structure with mass covered tender

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By David Freitas
11 Sep 2020

Nationwide Building Society said this week that it was looking to reduce the size of 11 of its euro and sterling covered bonds through a tender offer, in an effort to optimise its funding and liquidity position.

The offer includes six covered bonds denominated in euros and five in sterling, with a total notional principal of €6bn and £4.75bn respectively.

The maturities are spread between October 2021 and June 2032 in the case of the euro bonds, and August 2022 and January 2026 in the case ...

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