Business
Amendments to certain Covered Bond Swap Agreements
Amendments to certain Covered Bond Swap Agreements.
About this update from Nationwide Building Society
[{"type":"text","content":"\n \n \n RNS ANNOUNCEMENT\n \n \n \n \n \n NATIONWIDE BUILDING SOCIETY\n \n \n €45,000,000,000 GLOBAL COVERED BOND PROGRAMME\n \n \n \n \n \n 9 February 2023\n \n \n \n \n \n \n \n \n Amendments to certain Covered Bond Swap Agreements\n \n \n \n On 21 December 2022, the schedule and credit support annex to a number of Covered Bond Swap Agreements relating to certain Series of Covered Bonds (as listed below) issued under the €45,000,000,000 Global Covered Bond Programme were amended pursuant to an amendment agreement between Nationwide Building Society as Covered Bond Swap Provider, the LLP and the Security Trustee (the Covered Bond Swap Amendment Agreement). The types of amendments, among others, that were made are set out below. Not all of these amendments were made to each of the Covered Bond Swap Agreements as the existing terms of such Covered Bond Swap Amendment Agreements were not identical:\n \n \n (a) amendments to reflect certain new ratings criteria published (or republished, as applicable) by Fitch on 8 August 2022 and 4 November 2021, S&P on 16 December 2021 and Moody's on 8 August 2022;\n \n \n (b) amendments to reflect new regulatory requirements, such as those related to the United Kingdom's withdrawal from the European Union;\n \n \n (c) amendments to reflect the discontinuation of EONIA by amending the interest rate provision applied to EUR cash collateral to replace references to EONIA with €STR;\n \n \n (d) amendments to provide that the Covered Bond Swap Provider pay the LLP any negative interest payable by the LLP under the applicable Covered Bond Swap Collateral Account; and\n \n \n (e) miscellaneous, formal, minor, technical, amendments, such as updating dates, updating notice provisions, correcting manifest errors, and implementing operational process-related amendments.\n \n \n \n \n \n \n The relevant Series of Covered Bonds\n \n \n \n The following are the relevant Series of Covered Bonds for which the Covered Bond Swap Agreements have been amended:\n \n \n ·\n GBP 750,000,000 5.625 per cent. Series 2011-02 Covered Bonds due January 2026\n \n \n ·\n EUR 30,000,000 4.74 per cent. Series 2011-04 Covered Bonds due March 2031\n \n \n ·\n EUR 132,000,000 4.924 per cent. Series 2011-05 N Regulated Covered Bonds due November 2025\n \n \n ·\n EUR ...