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Nationwide Building Society prices $1.75B, €1B of senior nonpreferred debt

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Nationwide Building Society prices $1.75B, €1B of senior nonpreferred debt

U.K.-based Nationwide Building Society placed a two-tranche offering of dollar-denominated senior nonpreferred debt, according to LCD, an offering of S&P Global Market Intelligence.

The dollars offering comprised a $1 billion tranche of six-year notes with a five-year noncall provision and a $750 million tranche of 11-year noncall 10 debt. The $1 billion tranche carries a coupon of 3.766% and a spread of 120 basis points over Treasuries, while the $750 million tranche has a 4.302% coupon and a 150-basis-point spread. Both coupons would reset to floating rates if not called at their call date.

Barclays, BNP Paribas, Citigroup, JPMorgan Chase and UBS acted as book runners for both offerings, with Bank of America Merrill Lynch serving as book runner on the $1 billion issuance and Morgan Stanley on the $750 million issuance.

Nationwide also placed €1 billion of eight-year noncall seven notes due March 8, 2026, according to Investopoli. Those notes will pay a 1.5% coupon before resetting to a floating rate if not called.

They were placed at a reoffer price of 99.382 to yield 1.594%, a spread of 85 basis points over midswaps, according to Bloomberg data.

BNP Paribas, Deutsche Bank, Lloyds Banking Group, RBS and UBS served as book runners on the issuance.