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Irish Nationwide’s debut sterling issue Back  
Irish Nationwide Building Society launched its first sterling bond on May 27th. The ?250 million issue, which was rated A3 P2 by Moody’s, and which has a maturity of December 15th, 2008, was issued at a price of 99.969 per cent, and a coupon of 5.875 per cent. The issue will be used for general funding purposes.

BNP Paribas was the arranger for the deal, and the dealers were BNP Paribas, Danske Bank, Davy, Dz Bank Ag, Rabobank International, SG Corporate +Investment Banking, The Royal Bank Of Scotland and Westlb Ag. Irish Nationwide has only one other issue outstanding, a €250 million floating rate note (FRN), which was issued off its €3 billion euro medium term note (MTN) programme in October 2002, but it may do a further deal in 2004.

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