IPOs & Listings
Nationwide Building Society Admits $1.05 Billion of Senior Preferred Notes to London Trading
By News Desk ·
Key takeaways
- Nationwide Building Society admitted $750 million of 5.584 per cent fixed-rate senior preferred notes due October 15, 2029, to trading on the London Stock Exchange main market.
- A further $300 million of floating-rate senior preferred notes due October 2029 were admitted the same day, bringing the total to $1.05 billion.
- The notes were issued under Nationwide's $30 billion Global Medium Term Note Programme, with final terms dated October 13, 2026.
Nationwide Building Society admitted $1.05 billion of senior preferred notes to trading on the main market of the London Stock Exchange on October 15, 2026, split between $750 million of fixed-rate notes and $300 million of floating-rate notes, both due 2029. TradingView published the admission notice.
Nationwide's Two Note Tranches
The fixed-rate tranche carries a 5.584 per cent coupon and matures on October 15, 2029. The floating-rate tranche also matures in October 2029. Both tranches were issued in 144A and Regulation S form.
The notes sit under Nationwide's $30 billion Global Medium Term Note Programme, issued under a base prospectus dated June 12, 2026, and final terms dated October 13, 2026. The base prospectus and final terms were published through a regulatory information service of the London Stock Exchange, whose main market hosted the admission. The exchange's Private Securities Market staged an auction on October 7, 2026, at which workplace compliance group Veremark sold shares worth 6.5 million pounds ($8.6 million), according to Wsj.
Vikas Sidhu is Nationwide's Head of Investor Relations and Treasury Sustainability. The base prospectus is available on the issuer's website, and the final terms will be available at Nationwide's investor relations terms-of-access page.
Nationwide's Funding Record
Nationwide's funding records on akta.pro list two rounds, according to company records: a $713.4 million debt-funded round in September 2026 and a $64.5 million grant in May 2019 led by the Capability and Innovation Fund. The company profile lists total funding of $777.9 million, with the last round dated September 18, 2026.
| Figure | Value |
|---|---|
| Total funding | $777.9 million |
| Last round | $713.4 million, September 2026 |
| Earlier round | $64.5 million grant, May 2019 |
Nationwide's Recent Funding Moves
Nationwide raised AUD 1 billion in covered bonds on the London Stock Exchange in September 2026 to fund GBP mortgages, AInvest reported, with the bonds rated AAA against a ring-fenced pool of GBP 33.8 billion in UK residential mortgages. In June 2026, akta.pro records show Nationwide became the UK's largest branch network operator with 696 branches, comprising 605 Nationwide and 91 Virgin Money locations, after Lloyds Banking Group closed 95 branches across its brands.
Nationwide's Next Steps
The final terms dated October 13, 2026, will be available on Nationwide's investor relations website. The fixed-rate notes mature on October 15, 2029, and the floating-rate notes mature in October 2029.