Investors flock to super-rare Nationwide 20 year

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By Bill Thornhill
27 Apr 2021

Investors wasted little time placing orders for Nationwide Building Society’s 20 year covered bond on Tuesday, reflecting the rare and chunky yield on offer and the expectation that this could potentially be their only chance to buy UK covered bonds in euros this year.

After mandating ABN Amro, BNP Paribas, NatWest Markets and UBS on Monday, leads opened order books on Tuesday for the €500m deal due May 2041 with initial guidance of 15bp area over mid-swaps.

After 45 minutes, demand stood at €1.25bn and in less than two hours, ...

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