Nationwide Building Society Announces £750M Tender Offer for Perpetual Convertibles

Nationwide Building Society has announced a £750 million tender offer for its £750 million in Reset Perpetual Contingent Convertible Additional Tier 1 (AT1) capital securities, as part of a structured capital management initiative. The securities, identified by ISIN XS2113658202 and registered under LEI 549300XFX12G42QIKN82, were incorporated under the Building Societies Act 1986 in England. The offer, initially opened to eligible holders on September 20, 2026, invites participation through September 22, with acceptance contingent on meeting a new financing condition by the settlement date. Nationwide retains full discretion over whether to accept tenders, and any rejected securities will revert to the issuer. Dealers managing the transaction include J.P. Morgan Securities, Lloyds Bank Corporate Markets, Merrill Lynch International, NatWest Markets, and UBS AG London Branch, with Kroll Issuer Services Limited acting as the tender agent. The offer does not scale with the number of tendered securities, and acceptance is conditional on compliance with the financing requirement, which Nationwide may waive if necessary. The building society has not committed to purchasing any securities beyond the maximum acceptance amount of £750 million.