UK issuers struggle on euro trip

By Nathan Collins
27 Mar 2014

Two UK building societies took to the euro market this week, with Nationwide and Leeds Building Society selling senior debt. Both issuers fell victim to a weak tone, with Leeds’ bonds struggling in the secondary market and Nationwide failing to reach its maximum size ambitions.

“I really don’t know why they did it this week,” said a syndicate banker away from the deal. “The market was obviously heavy, neither Leeds nor Yorkshire were trading particularly well. They should have waited a week, quarter end markets are always choppy — this could have done ...

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