Nationwide Enters International Markets with AUD 1 Billion Covered Bond Issue

Nationwide Building Society has entered the international market by issuing AUD 1 billion in floating rate covered bonds. The move marks the society's push to diversify its wholesale funding across currency markets, with the Australian dollar denomination signaling a significant expansion into new territories.

The bonds, designated Series 2026-09, are part of Nationwide's €45 billion Global Covered Bond Programme and mature in September 2031. This large-scale issue is expected to provide long-term, cost-efficient funding for mortgage lending and other balance sheet activity.

Guaranteed by Nationwide Covered Bonds LLP, the bonds feature dual recourse, to both the issuer and a dedicated pool of high-quality assets, making them a defining feature of covered bonds.