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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
NWIDE
Nationwide Building Society€500
1EMEA
Jun 2, 2026
currency
EUR
size (m)
500.000
maturity
Jun 9, 2037
type
Fixed Rate Reset
tenor
11.000
call
6.00
registration
Reg S Only
benchmark
Swaps
ranking
Subordinated
moody's
Baa1
s&p
BBB
fitch
BBB+
size description
Will Not Grow
re-open/tap
No
ipt
MS+155 area
ipt-pxd
-28
guidance
n/a - straight to launch
spread
127
coupon
4.00%
spread set
-
price
99.37300
yield
4.12%
book size (m)
2,200
peak book (m)
2,450
x-covered
4.4
book attrition
-10.20%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,200
peak book (m)
2,450
x-covered
4.4
book attrition
-10.20%
nic
-
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2200; First Pay: 2027-06-09; Redemption: 2032-06-09; Registration: Reg S Only; Comments: DBR 0% 15 February 2032 (85.77) + 139.1bps | HR 109%. Tax Call: Yes. Regulatory Call: Yes. LEI: 549300XFX12G42QIKN82;
Deal Comments
UPDATE: Spread Set at MS+127#
Relative Value

COMPS

Ticker

Currency

Coupon

Rating

Maturity (M/S/F)

Maturity (Years)

I-Spread (Bid)

Size

Issue Date

NWIDE

EUR

4

Baa1/BBB/BBB+

Jul-2035nc2030

9.2nc4.2

105

€650m

Apr-25

LLOYDS

EUR

4

Baa1/BBB+/A-

May-2035nc2030

9.0nc4.0

104

€1bn

May-25

NWG

EUR

3.723

Baa1/BBB+/A-

Feb-2035nc2030

8.8nc3.8

109

€1bn

Feb-25