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Nationwide plans £500m bond to boost capital


Britain’s biggest building society Nationwide is looking to raise up to £500m in order to boost its capital.

The Sunday Times reports the mutual could launch the fundraising as early as this summer, depending on market conditions.

The newspaper says although Nationwide is well-capitalised under current measures, it is exposed to new rules from the Bank of England’s financial policy committee which limit the total amount that can be issued as loans.

The rules, known as the “leverage ratio” requirements, do not make distinctions between conservative mortgage loans and an investment bank’s trading book.

Sources have told The Sunday Times Nationwide would raise the funding through instruments known as core capital deferred shares, a type of bond which would be able to share in any future losses absorbed by the building society.

Nationwide may launch a much smaller fundraising to prove there is investor demand ahead of a more significant offerin


Fidelity to stem flows in UK small cap fund

Fidelity has confirmed it is set to soft close its £248m Fidelity UK Smaller Companies fund managed by Alex Wright next week. The £248m fund will be removed from all platforms, including FundsNetwork, although existing monthly savings plans will be unaffected. The fund has returned 103.3 per cent in the past three years compared to […]

FCA charges eight men with land banking fraud

The Financial Conduct Authority has charged eight men with land banking fraud and carrying out a regulated activity without authorisation. The offences relate to the period between August 2008 and November 2011 and arise out of Operation Cotton, an FCA investigation into land banking firms. Scott Crawley, Daniel Forsyth, Ross Peters, Aaron Petrou, Ricky Mitchie, […]

Mark Page: why my biggest overweight stock is a discount Spanish retailer

Artemis European Opportunities Fund manager Mark Page is questioned about the merits of investing in Spanish supermarket group, Dia. Dia is a 7,000-store Spanish discount supermarket chain. But with cheaper food prices coming on to the market and an improving Spanish economy, journalist Alexis Xydias questions Mark about its inclusion in the Artemis European Opportunities […]


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