Amendments to certain Covered Bond Swap Agreements

RNS Number : 4738P

Nationwide Building Society

09 February 2023

 

RNS ANNOUNCEMENT

NATIONWIDE BUILDING SOCIETY

€45,000,000,000 GLOBAL COVERED BOND PROGRAMME

9 February 2023

Amendments to certain Covered Bond Swap Agreements

On 21 December 2022, the schedule and credit support annex to a number of  Covered Bond Swap Agreements relating to certain Series of Covered Bonds (as listed below) issued under the €45,000,000,000 Global Covered Bond Programme were amended pursuant to an amendment agreement between Nationwide Building Society as Covered Bond Swap Provider, the LLP and the Security Trustee (the Covered Bond Swap Amendment Agreement). The types of amendments, among others, that were made are set out below. Not all of these amendments were made to each of the Covered Bond Swap Agreements as the existing terms of such Covered Bond Swap Amendment Agreements were not identical:

(a)  amendments to reflect certain new ratings criteria published (or republished, as applicable) by Fitch on 8 August 2022 and 4 November 2021, S&P on 16 December 2021 and Moody's on 8 August 2022;

(b)  amendments to reflect new regulatory requirements, such as those related to the United Kingdom's withdrawal from the European Union;

(c)  amendments to reflect the discontinuation of EONIA by amending the interest rate provision applied to EUR cash collateral to replace references to EONIA with €STR;

(d)  amendments to provide that the Covered Bond Swap Provider pay the LLP any negative interest payable by the LLP under the applicable Covered Bond Swap Collateral Account; and

(e)  miscellaneous, formal, minor, technical, amendments, such as updating dates, updating notice provisions, correcting manifest errors, and implementing operational process-related amendments.

The relevant Series of Covered Bonds

The following are the relevant Series of Covered Bonds for which the Covered Bond Swap Agreements have been amended:

· GBP 750,000,000 5.625 per cent. Series 2011-02 Covered Bonds due January 2026

· EUR 30,000,000 4.74 per cent. Series 2011-04 Covered Bonds due March 2031

· EUR 132,000,000 4.924 per cent. Series 2011-05 N Regulated Covered Bonds due November 2025

· EUR 50,000,000 4.699 per cent. Series 2011-06 N Regulated Covered Bonds due March 2023

· EUR 50,000,000 5.01 per cent. Series 2011-09 N Regulated Covered Bonds due April 2032

· EUR 100,000,000 4.65 per cent. Series 2011-13 N Regulated Covered Bonds due August 2026

· EUR 40,000,000 4.4325 per cent. Series 2011-14 N Regulated Covered Bonds due August 2029

· EUR 50,000,000 4.12 per cent. Series 2011-15 N Regulated Covered Bonds due September 2026

· EUR 103,000,000 3.77 per cent. Series 2011-17 N Regulated Covered Bonds due October 2027

· EUR 40,000,000 3.75 per cent. Series 2011-18 N Regulated Covered Bond due October 2029

· EUR 77,000,000 3.90 per cent. Series 2011-23 N Regulated Covered Bonds due November 2032

· EUR 116,000,000 3.81 per cent. Series 2012-02 N Regulated Covered Bonds due February 2027

· EUR 88,000,000 3.832 per cent. Series 2012-03 N Regulated Covered Bonds due February 2030

· EUR 157,500,000 3.555 per cent. Series 2012-06 N Regulated Covered Bonds due March 2028

· EUR 750,000,000 2.25 per cent. Series 2014-02 Regulated Covered Bonds due June 2029

· EUR 56,000,000 1.94 per cent. Series 2014-04 N Regulated Covered Bonds due September 2039

· EUR 50,000,000 2.0665 per cent. Series 2014-05 N Regulated Covered Bonds due September 2039

· EUR 50,000,000 1.6925 per cent. Series 2014-07 Regulated Covered Bonds due March 2039

· EUR 50,000,000 1.00 per cent. Series 2015-01 Regulated Covered Bonds due January 2030

· EUR 750,000,000 0.625 per cent. Series 2015-02 Regulated Covered Bonds due March 2027

· EUR 25,000,000 0.746 per cent. Series 2015-03 N Regulated Covered Bonds due June 2035

· EUR 50,000,000 0.750 per cent. Series 2015-05 Regulated Covered Bonds due 2035

· EUR 105,000,000 1.351 per cent. Series 2015-06 Regulated Covered Bonds due June 2034

· EUR 100,000,000 1.7025 per cent. Series 2015-07 Regulated Covered Bonds due July 2031

· EUR 25,000,000 1.77 per cent. Series 2015-08 N Regulated Covered Bonds due July 2035

· EUR 45,000,000 1.760 per cent. Series 2015-09 N Regulated Covered Bonds due July 2035

· EUR 35,000,000 1.54 per cent. Series 2015-12 Regulated Covered Bonds due November 2035

· EUR 50,000,000 1.62 per cent. Series 2015-13 Regulated Covered Bonds due December 2032

· EUR 25,000,000 1.68 per cent. Series 2015-14 Regulated Covered Bonds due December 2035

· EUR 25,000,000 1.673 per cent. Series 2016-01 Regulated Covered Bonds due January 2041

· EUR 30,000,000 1.618 per cent. Series 2016-02 Regulated Covered Bonds due January 2041

· EUR 51,000,000 1.395 per cent. Series 2016-03 Regulated Covered Bonds due February 2036

· EUR 50,000,000 1.345 per cent. Series 2016-04 Regulated Covered Bonds due February 2036

· EUR 40,000,000 1.336 per cent. Series 2016-05 Regulated Covered Bonds due February 2041

· EUR 25,000,000 Floating Rate Series 2016-06 Regulated Covered Bonds due March 2023

· EUR 30,000,000 1.331 per cent. Series 2016-08 Regulated Covered Bonds due March 2036

· EUR 50,000,000 1.425 per cent. Series 2016-09 Regulated Covered Bonds due March 2038

· EUR 50,000,000 1.195 per cent. Series 2016-10 Regulated Covered Bonds due March 2031

· EUR 40,000,000 1.39 per cent. Series 2016-11 Regulated Covered Bonds due March 2036

· EUR 60,000,000 1.42 per cent. Series 2016-14 Regulated Covered Bonds due April 2041

· EUR 25,000,000 1.5725 per cent. Series 2016-15 Regulated Covered Bonds due May 2041

· EUR 1,000,000,000 1.375 per cent. Series 2017-02 Regulated Covered Bonds due June 2032

· EUR 50,000,000 1.481 per cent. Series 2017-03 Regulated Covered Bonds due December 2037

· EUR 30,000,000 1.160 per cent. Series 2018-03 Regulated Covered Bonds due October 2038

· EUR 20,000,000 1.040 per cent. Series 2019-03 N Regulated Covered Bonds due June 2044

· CHF 250,000,000 0.00% Series 2019-04 Regulated Covered Bonds due July 2025

· CHF 150,000,000 0.1675% Series 2019-05 Regulated Covered Bonds due July 2031

· CHF 100,000,000 0.485% Series 2019-06 Regulated Covered Bonds due July 2044

· EUR 500,000,000 0.500% Series 2021-02 Regulated Covered Bonds due May 2041

· EUR 500,000,000 2.250 per cent. Series 2022-01 Regulated Covered Bonds due May 2037

· CHF 185,000,000 0.9194% Series 2022-02 Regulated Covered Bonds due December 2025

· CHF 175,000,000 1.5203% Series 2022-03 Regulated Covered Bonds due December 2029

For further information, please contact:

Sarah Abercrombie

Head of Investor Relations and Credit Ratings

Telephone:            [phone]

Email:                    [e-mail]

Michael Constantine

Head of Treasury Legal

Tel:                         [phone]

E-mail:                   [e-mail]

Nationwide Building Society

Nationwide House

Pipers Way

Swindon

SN38 1NW

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Please note that the information contained in this announcement may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. The distribution of this announcement in certain jurisdictions may be restricted by law and persons into whose possession this announcement comes are requested to inform themselves about, and to observe, any such restrictions. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein.

In particular, the Prospectus does not constitute an offer of securities for sale in the United States. This is not for distribution in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under any relevant securities laws of any state of the United States of America and are subject to U.S. tax law requirements. Subject to certain exceptions, the securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons or to persons within the United States of America, as such terms are defined in Regulation S under the Securities Act. There will be no public offering of the securities in the United States.

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