Nationwide Plans 10-Year Euro LT2 Bond At Swaps +4.00

13th Jul 2010 11:36

LONDON (Dow Jones)--U.K. lender Nationwide Building Society (NANW.LN) is planning to issue a 10-year, euro-denominated, lower tier-2 bond, and has set guidance at 400 basis points over mid-swaps, one of the banks running the sale said Tuesday. Barclays PLC, Deutsche Bank AG, and JP Morgan Chase & Co. have been hired to act as joint lead-managers. Tier 2 debt is subordinated debt that ranks above tier 1 debt and has fewer equity-like features, while still paying a higher return than senior debt. -By Mark Brown, Dow Jones Newswires; + 44 (0)207 842 9485, [email protected] (END) Dow Jones Newswires July 13, 2010 06:36 ET (10:36 GMT)