The Bank of New York has been named issuing and paying agent, security trustee, custodian and U.S. depository by Nationwide Building Society for the Cobbler Funding Global Commercial Paper Program.
The transaction is a $2 billion asset-backed commercial paper program 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 program sponsored by a UK building society, a spokesman said.
We went through an extensive RFP process to make the appointment and looked at most of the market leaders. 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,” Graham Evans, senior manager of operations at Nationwide, said,