Presale: Nationwide Building Society Global Covered Bond Programme Nov 05
- ID: 2045535
- November 2005
- Region: Global
- Standard & Poors
A preliminary credit rating has been assigned to the Nationwide Covered Bond €14 billion global covered bond program. A first issuance is expected within the next month. The rating reflects the terms of the issuance, structure, cash flow mechanics of the program, and Standard & Poor's cash flow analysis to verify that the notes will be repaid under stress test scenarios. The program is structured so that the issued covered bonds achieve, unless specified otherwise in the terms and conditions of the series, a 'AAA' rating. Under the terms of the program, Nationwide Building Society (Nationwide) will issue the covered bonds. The covered bonds will be direct, unsecured, and unconditional obligations of Nationwide. Under an intercompany loan agreement, the issuer...
Companies mentioned in this report are:
- Nationwide Building Society
- Nationwide Building Society Global Covered Bond Programme
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Research Type: Full Analysis