Commentary & Deal Flow

Reoffer: 3yr: SOFR MS+43bp / 100.00 / 3.996%
Benchmark: 3yr: T 3 ⅞ 15-Apr-29 @ 100-09 / +22.1bp

Launched: 3yr: US$1.5bn @ SOFR MS+43bp - Orderbooks >US$1.95bn (incl. US$100m JLM)
Spread set at: 3yr: SOFR MS+43bp - Orderbooks >US$1.4bn (incl. US$100m JLM)
Guidance: 3yr: SOFR MS+45a

• Issuer: Nationwide Building Society (Ticker: NWIDE)
• Issuer LEI: 549300XFX12G42QIKN82
• Guarantor: Nationwide Covered Bonds LLP
• Expected Issue Rating: AAA/AAA (S&P/Fitch)
• Tenor: 3-year
• Size: US$1.5bn
• Format: 144A / Reg S, UK Regulated Covered Bonds
• Trade Date: 14-Apr-26
• Settlement Date: 21-Apr-26 (T+5)
• Maturity Date: 21-Apr-29 (soft bullet)
• Extended Due for Payment Date: 21-Apr-30
• Re-Offer Spread to SOFR MS: +43bp
• Reoffer Price: 100.00
• Reoffer Yield: 3.996%
• Benchmark: T 3 ⅞ 15-Apr-29 @ 100-09 / 3.775%
• Re-Offer Spread to Benchmark: +22.1bp
• Coupon: 3.996% Fixed, S/A, 30/360 Unadjusted
• Coupon on Extension: Compounded Daily SOFR (Index Determination) + spread, payable monthly in arrear
• Denominations: US$200k + US$1k
• Listing / Governing Law: London Stock Exchange (Regulated Market) / English
• ISIN / CUSIP:
• • 144A: US638602BT88 / 638602 BT8
  • Reg S: USG6398ADE40 / G6398A DE4
• Joint Lead Managers: Barclays, BMO Capital Markets (B&D), Nomura, RBC Capital Markets and TD Securities
• Sales into Canada: Yes, via exemption
• Target Market: ECP and professional clients only; excludes retail clients
• Documentation: To be issued under Nationwide Building Society's €45bn Global Covered Bond Programme, Base Prospectus dated 03-Jul-25 as supplemented by the Supplements dated 11-Aug-25, 20-Nov-25, 16-Dec-25 and 09-Apr-26
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended). It is not a prospectus. The Base Prospectus and the Final Terms (when published) will be available at: https://www.nationwide.co.uk/investor-relations/covered-bond-terms-of-access/covered-bond-programme/
• TOE: 11:48 ET