Nationwide Building Society successfully completes inaugural digital covered bond issuance, including first bonds listed on the London Stock Exchange via Origin
London, 11 September 2023
Nationwide Building Society (Nationwide) successfully completes two private placement transactions on Origin, issuing covered bonds worth NOK 1bn and NOK 80mm.
All 10 transaction documents, including the Final Terms, Dealer Confirmation Letter, Swap confirm, were digitally drafted, reviewed, and electronically signed via Origin.
For the first time, the securities were admitted on the London Stock Exchange (LSE) via Origin's new e-listing connection with the exchange.
Barclays Bank PLC (Barclays) acted as the sole underwriter for these two issuances.
Nationwide Building Society has successfully completed two private placement covered bond transactions, NOK 1bn (XS2674624379) and NOK 80mm (XS2674667774), through the Origin platform. These transactions mark the first covered bond issuances on Origin by Nationwide. All 10 of the transaction documents, including the Final Terms, were digitally drafted, reviewed, and signed on the platform.
Data from the Termsheets automatically fed through to the post-trade documentation ensuring data integrity thus reducing both operational and settlement risk. Origin collaborated closely with Nationwide to digitise a particularly intricate set of post-trade documents, including a complex suite of swap-related documents required by the issuer and its guarantor.
Once all documents had been signed electronically, Nationwide sent the admissions request to the London Stock Exchange via the Origin platform, making use of Origin's new e-listing connection with the exchange.
Krishan Hirani, Head of Secured Funding at Nationwide Building Society said: "Private placements are a core part of Nationwide’s wholesale funding franchise. We are delighted to have worked with Origin to deliver to the markets first digitally executed and documented private covered bond transaction. Moving away from legacy procedures and processes to a digital world will unlock efficiencies, enhanced controls and streamlined workflows. Specifically for covered bonds, the Documentation tool offers the ability to instantly generate drafts of the entire suite of covered bond and swap related documents required for each deal. Seeing both the pre and post-trade workflows successfully in action on this deal show that Origin/digital is the future!"
About Origin
Headquartered in London, Origin is a leading player in the digitisation of debt capital markets, helping dealers and issuers streamline the issuance process from start to finish. Founded in 2015, is now used by over 20 dealers and more than 100 issuers across 70 cities worldwide.
https://originmarkets.com
Media contacts:
Origin
Raja Palaniappan
Phone: +44 (0) 7779 209 652
raja.palaniappan@originmarkets.com
