Nationwide out with dual-tranche USD SNPs

LONDON, March 1 (IFR) -

* 6NC5 at T+125/+130, 11NC10 at T+155/+160, both benchmark size and pricing today. Due 8 Mar 2024 and 8 Mar 2029, call 8 Mar 2023 and 8 Mar 2028, pay 8 Mar, English law, London listing, 200k/1k denoms, RegS/144A. (10:02am)

Nationwide Building Society (LSE: NBS.L - news) (rated Aa3/A/A+) has mandated banks for its inaugural USD Senior Non-Preferred benchmark transaction. The transaction will comprise USD 6NC5 fixed-to-float (Barclays (LSE: BARC.L - news) , BNP Paribas (LSE: 0HB5.L - news) , BofA Merrill Lynch, Citi, J.P. Morgan (Other OTC: MGHL - news) and UBS Investment Bank), & 11NC10 fixed-to-float (Barclays, BNP Paribas, Citi, J.P. Morgan, Morgan Stanley (Xetra: 885836 - news) and UBS Investment Bank) tranches in 144A/Reg S format, and is expected to be rated Baa1/BBB+/TBD by Moody's, S&P and Fitch respectively. The issuer will be available for calls at request. The bonds will be documented off Nationwide’s $20bn MTN programme and launched in the near future, subject to market conditions. FCA/ICMA stabilisation. MiFID II professionals/ECPs-only/ No PRIIPs KID. With (Other OTC: WWTH - news) tender for outstanding USD issues: http://otp.investis.com/clients/uk/nationwide/rns/regulatory-story.aspx?cid=631&newsid=983103 (Feb 28)