Nationwide polishes funding structure with mass covered tender

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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