Nationwide gives mutuals access to equity after four year process

Nationwide Building Society found a solid £1.6bn of demand for its £500m issue of core capital deferred shares (CCDS) on Wednesday, a new equity-like instrument that has been four years in the making. UK real money investors came out in force for the trade, with a Nationwide funding chief telling EuroWeek Bank Finance that “you could count the ones that weren’t involved on the fingers of one hand”.