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Nationwide Building Society prices £600M CoCo bond

Nationwide Building Society priced a £600.0 million Additional Tier 1 bond.

The company said Sept. 20 that the perpetual contingent convertible notes carry an annual interest rate of 5.875% until June 20, 2025. the first reset date.

The bond will convert into equity if the company's common equity Tier 1 ratio falls below 7%.

BofA Merrill Lynch, J.P. Morgan and UBS Investment Bank served as book runners on the offering.