Prospectus • Jul 19, 2023
Prospectus
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UK MiFIR product governance/Professional investors and ECPs only target market - Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is only eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook (COBS), and professional clients, as defined in Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (UK MiFIR); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into consideration the manufacturers' target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and Product Governance Sourcebook (the UK MiFIR Product Governance Rules) is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.
Prohibition of sales to EEA retail investors – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (MiFID II); or (ii) a customer within the meaning of Directive (EU) 2016/97 (the Insurance Distribution Directive), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the EU PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the EU PRIIPs Regulation.
Prohibition of sales to UK retail investors – The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom (UK). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (EUWA); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (the FSMA) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of UK MiFIR. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the UK PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
18 July 2023
(incorporated in England under the Building Societies Act 1986, as amended) (Legal Entity Identifier (LEI): 549300XFX12G42QIKN82)
JPY 2,000,000,000 Fixed Rate Reset Senior Non-Preferred Notes due July 2029
issued pursuant to its U.S.\$25,000,000,000 European Note Programme
Terms used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions set forth in the Base Prospectus dated 24 October 2022 and the supplemental prospectuses dated 18 November 2022 and 19 May 2023 which together constitute a base prospectus (the Base Prospectus) for the purposes of Regulation (EU) (2017/1129) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the UK Prospectus Regulation). This document constitutes the Final Terms of the Notes described herein for the purposes of the UK Prospectus Regulation and must be read in conjunction with the Base Prospectus in order to obtain all the relevant information. The Base Prospectus has been published on the website of the London Stock Exchange through a regulatory information service (http://www.londonstockexchange.com/exchange/news/marketnews/market-news-home.html).
ANY) PAYABLE
| 1. | Status of the Notes: | Senior Non-Preferred | |
|---|---|---|---|
| 2. | Interest Basis: | Reset (see paragraph 15 below) |
|
| DESCRIPTION OF THE NOTES | |||
| 3. | New Global Note: | Yes | |
| 4. | Form of Notes: | Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes only upon an Exchange Event |
|
| 5. | (a) | Series Number: | 528 |
| (b) | Tranche Number: | 1 | |
| (c) | Date on which the Notes will be consolidated and form a single Series: |
Not Applicable | |
| 6. | (a) | Nominal Amount of Notes to be issued: |
JPY 2,000,000,000 |
| (b) | Aggregate nominal amount of Series: | JPY 2,000,000,000 | |
| (c) | Specified Currency: | Japanese Yen (JPY) | |
| (d) | Specified Denomination(s): | JPY 100,000,000 | |
| (e) | Calculation Amount: | JPY 100,000,000 | |
| 7. | Issue Price: | 100.000 per cent. of the Nominal Amount of Notes to be issued |
|
| 8. | Issue Date: | 19 July 2023 | |
| 9. | Interest Commencement Date: | Issue Date |
|
| 10. | Automatic/optional conversion from one Interest Basis to another: |
Not Applicable | |
| 11. | Additional Financial Centres: | London and Tokyo | |
| PROVISIONS RELATING TO INTEREST (IF |
| 12. | Fixed Rate Note Provisions | Not Applicable | ||
|---|---|---|---|---|
| 13. | Zero Coupon Note Provisions | Not Applicable Not Applicable |
||
| 14. | Floating Rate Note Provisions | |||
| 15. | Reset Note | Provisions | Applicable | |
| (a) | Initial Rate of Interest: | 1.20 per cent. per annum payable in arrear on each Interest Payment Date up to (and including) the First Reset Date |
||
| (b) | First Margin: | + 0.912 per cent. per annum |
||
| (c) | Subsequent Margin: | Not Applicable | ||
| (d) | Interest Payment Date(s): | 19 January and 19 July in each year from (and including) 19 January 2024 up to (and including) the Maturity Date |
||
| (e) | Fixed Coupon Amount to (but excluding) the First Reset Date: |
JPY 600,000 per Calculation Amount |
||
| (f) | Broken Amount(s): | Not Applicable | ||
| (g) | Reset Reference Rate: | Mid-Swaps | ||
| (h) | First Reset Date: | 19 July 2028 | ||
| (i) | Second Reset Date: | Not Applicable | ||
| (j) | Subsequent Reset Date(s): | Not Applicable | ||
| (k) | Relevant Screen Page: | JPY TONA Tokyo Swap Rate-10:00 as appearing on Refinitiv screen JPTSRTOA=RFTB |
||
| (l) | Mid-Swap Rate: | Single Mid-Swap Rate | ||
| (m) | Fixed Leg Swap Duration: | 12 months |
||
| (n) | Floating Leg Swap Duration: | 6 months | ||
| (o) | Mid-Swap Floating Leg Benchmark Rate: |
The overnight TONA rate compounded for the Floating Leg Swap Duration (calculated on an Actual/365 (Fixed) day count basis) |
||
| (p) | Mid-Swap Fallback Rate in respect of the first Reset Determination Date: |
0.288 per cent. |
||
| (q) | Reference Bond Reset Rate Time: | Not Applicable | ||
| (r) | Reference Bond Fallback Rate in respect of the First Reset Period: |
Not Applicable | ||
| (s) | Designated CMT Reuters Page: | Not Applicable |
| (t) | Designated CMT Maturity Index: | Not Applicable | |
|---|---|---|---|
| (u) | Day Count Fraction: | 30/360 | |
| (v) | Determination Date(s): | Not Applicable | |
| (w) | Business Centre(s): | London and Tokyo | |
| (x) | Business Day Convention: | Following Business Day | |
| • Adjusted: |
Not Applicable | ||
| • Non-Adjusted: |
Applicable | ||
| (y) | Calculation Agent: | Agent | |
| 16. | Benchmark Discontinuation: | Applicable | |
| (a) | Benchmark Replacement: | Applicable – Condition 4.4(a) applies |
|
| (b) | Benchmark Transition: | Not Applicable |
| 17. | Maturity Date: | 19 July 2029 | |
|---|---|---|---|
| 18. | Redemption at Issuer's option: | Applicable | |
| (a) | Optional Redemption Date: | 19 July 2028 | |
| (b) | Optional Redemption Amount: | JPY 100,000,000 per Calculation Amount | |
| (c) | If redeemable in part: | Not Applicable | |
| (d) | Notice periods: | Minimum period: 15 Business Days Maximum period: 30 Business Days |
|
| 19. | Regulatory Event (Subordinated Notes only): | Not Applicable | |
| 20. | (a) | Senior Non-Preferred Notes: Loss Absorption Disqualification Event Redemption: |
Applicable |
| (b) | Loss Absorption Disqualification Event: |
Full or Partial Exclusion | |
| (c) | Senior Non-Preferred Notes: Substitution and Variation: |
Applicable | |
| 21. | Redemption at Noteholder's option: | Not Applicable | |
| 22. | Final Redemption Amount: | Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at 100.000 per cent. of their nominal amount |
JPY 100,000,000 per Calculation Amount
The indicative rating descriptions set out in Part B of these Final Terms have been extracted from the respective websites of Moody's Investors Service Limited, S&P Global Ratings UK Limited and Fitch Ratings Ltd. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by each credit rating agency, no facts have been omitted which would render the reproduced information inaccurate or misleading.
Signed on behalf of NATIONWIDE BUILDING SOCIETY
Duly Authorised Duly Authorised
By: ................................................................... By: ...........................................................
| (a) | Listing and Admission to trading: | Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the London Stock Exchange's main the Official List of the Financial Conduct Authority (the FCA) with effect from on or around |
market and listing on the Issue Date. |
|
|---|---|---|---|---|
| (b) | Estimated of total expenses related to admission to trading: |
£660 | ||
| 2. | RATINGS | |||
| Ratings: | The Notes to be issued are expected to be rated: | |||
| Moody's Investors Service Limited: S&P Global Ratings UK Limited: Fitch Ratings Ltd.: A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. The rating agencies above have |
A3 BBB+ A published the |
|||
| following high-level descriptions of such ratings: - A rating of 'A' by Moody's Investors Service Limited (Moody's) is described by it "Obligations rated A are judged to be upper medium grade and are subject to low credit risk". The modifier '3' is described by Moody's as follows: "the modifier 3 indicates a ranking in the lower end of that generic rating category". (Source: https://ratings.moodys.com/rating |
as follows: |
https://www.spglobal.com/ratings/en/research/a rticles/190705-s-p-global-ratings-definitions-504352)
(Source: https://www.fitchratings.com/products/ rating-definitions)
So far as the Issuer is aware, no person involved in the issue of the Notes has an interest material to the offer. The Dealer and its affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business
| (a) | ISIN: | XS2651632114 |
|---|---|---|
| (b) | Common Code: | 265163211 |
| (c) | Any clearing system other than Euroclear and Clearstream, Luxembourg and the relevant identification number: |
Not Applicable |
| (d) | Names and addresses of additional Paying Agent (if any): |
Not Applicable |
| (e) | Intended to be held in a manner which would allow Eurosystem eligibility: |
No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met. |
| (f) | Relevant Benchmark: | JPY TONA Tokyo Swap Rate-10:00 (as appearing on Refinitiv screen JPTSRTOA=RFTB) is provided by Refinitiv Benchmark Services (UK) Limited. As at the date hereof, Refinitiv Benchmark Services (UK) Limited appears in the register of administrators and benchmarks established and maintained by the FCA pursuant to Article 36 (Register of administrators and benchmarks) of the UK Benchmarks Regulation. |
Prohibition of Sales to EEA Retail Investors: Applicable
Prohibition of Sales to UK Retail Investors: Applicable
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