Nationwide follows Barclays with three year FRN

Nationwide has kept up the flow of sterling issuance since the start of 2012, following Barclays and RBS with a three year covered bond priced at 165bp over three-month Libor on Monday. As with Barclays’ three year last week, the deal’s floating rate format makes heavy participation from bank treasuries — some of which will be awash with cheap ECB cash — highly likely.