Nationwide tests interest for first sterling Additional Tier 1 bond
LONDON, March 4 (IFR) - Nationwide Building Society is testing interest for the first sterling-denominated Additional Tier 1 bond at 7.25%-7.5%, according to a lead.
The benchmark-sized deal is perpetual but will be callable for the first time on 20th June 2019, and will be triggered if Nationwide's fully-phased Common Equity Tier 1 ratio falls below 7%. In the case of such an event, the securities will be converted in full into CCDS.
The bond is expected to be priced later today via joint lead managers Citigroup, Deutsche Bank, RBS and UBS.