Nationwide Covered Bond issued

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Nationwide Covered Bond issued

The Nationwide Covered Bond has been issued and comes with a fixed coupon of 3.5 per cent.

The issue was priced equivalent to the Libor plus eight basis points and so far bonds have been sold to some 150 investors across dozens of countries.

Graham Beale, group finance director of Nationwide, said: "The Nationwide Covered Bond Programme will provide the group with access to a new source of funds that will strengthen its position as a building society putting its members first."

He added that the bond had seen a "strong level of subscription" and that it reflected the "extremely high quality of our mortgage book".

The Nationwide Covered Bond was set up by Deutsche Bank and Barclays Capital.

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