Allen & Overy has advised Nationwide Building Society on the creation and inaugural issuance of £500m core capital deferred shares (CCDSs), a mutual-friendly capital-raising instrument designed to meet the requirements of UK and European authorities under the new regulatory capital regime.
The issuance was significantly oversubscribed. The managers were Bank of America Merrill Lynch, Barclays, JP Morgan Cazenove and UBS. Nationwide was advised by Rothschild.
Partners Jonathan Mellor and Richard Slynn led on the deal, together with partners James Roe and Roger Wedderburn-Day, assisted by senior associate Daniel Fletcher and associates May Chiu, Corrina Conroy, Karishma Naravane, Eimear Coady and Thomas Mathew.
Partners David Hughes and Charles Yorke and senior associate Tim Harrop provided tax advice.