The Bank of New York has been appointed as issuing and paying agent, security trustee, custodian and US depositary by UK-based Nationwide Building Society for the Cobbler Funding Global Commercial Paper Programme.
The transaction is a $2 billion asset-backed commercial paper (ABCP) programme under which Cobbler Funding Limited and Cobbler Funding LLC will offer U.S. dollar, Euro or Sterling-denominated commercial paper. Cobbler Funding is the first ABCP programme sponsored by a UK building society.
“We went through an extensive RFP process to make the appointment and looked at most of the market leaders,” says Graham Evans, senior manager of operations at Nationwide. “We were impressed by The Bank of New York’s overall proposal, system quality and commitment to the business, as well as the commitment of its people to helping us achieve our goals. This is a new relationship for us, and we are confident that their team is committed to meeting our needs.”
Steven Hodgetts, managing director of global trust services at The Bank of New York, says the appointment confirms Bank of New York’s prowess in servicing the building society sector. “One of the Bank’s greatest strengths is its ability to coordinate global resources to support debt transactions around the world,” he says. “We will continue to leverage the Bank’s global capabilities and the securities servicing expertise of our staff to deliver a successful combination of high-quality services to Nationwide and other UK building society programmes.”
Nationwide Building Society is a mutual building society offering mortgages, loans, savings, and investments as well as a range of home mortgage services. Formed as a result of several mergers, most notably between the Nationwide and the Anglia building societies in 1987, Nationwide is the largest UK building society, the fifth largest mortgage lender and eighth largest retail banking, saving and lending organisation by asset size, with approximately 10 million customers.