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Nationwide Building Society

Following numerous mergers – most importantly the merger with Anglia Building Society in 1987 and the Portman Building Society in 2007, Nationwide is the now the world's largest mutual financial institution, the UK's second largest mortgage provider (behind Halifax (owned by Lloyds Banking Group) and ahead of Santander UK), and one of the UK's largest savings providers. Nationwide's core business focuses on retail personal financial services, primarily residential mortgage lending funded by retail savings. It also offers personal financial planning, insurance products and unsecured personal lending. It has undertaken non-retail banking in the past, particularly commercial real estate lending, but it has managed down its exposure to a low level in recent years. The government has carved building societies out of its ring-fencing legislation but has the power to amend the UK Building Societies Act to bring building societies legislation into line with the ring-fencing requirements if it considers it necessary at a later date. (24 May 2018)

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Euro Bank Capital Model: 3Q18 Post-Stress Order

Sector Analysis: 17 Dec 2018, 9:28 PM ET - Our updated 3Q18 Bank Capital Model shows resilient capital levels for the 44 major European banks in our coverage, with incremental improvements versus 2Q18.

Euro Financial Movers: Festive Trimmings

Euro Financial Movers: 16 Dec 2018, 9:26 PM ET - Deutsche Bank's share price volatility on the back of Commerzbank merger rumours, BPM's NPL portfolio sale, Credit Suisse's share buy-back, MREL subordination agreement, NN's milestone in its Delta Lloyd integration.

2018 Euro IG Conference: Bank Outlook, Italy Focus

Sector Outlook: 16 Dec 2018, 9:25 PM ET - We look at what is likely to create headlines for European banks in 2019 and focus on the Italian banking sector.

European Bank AT1: To Call Or Not To Call

Sector Analysis: 09 Dec 2018, 10:05 PM ET - Recent market turbulence has seen AT1 curves resemble ski-jumps, but is it really a case of jumping into the unknown with 13 AT1s coming up for first calls in 2019?

Euro Banks: Credit Metrics Update 3Q18

Worth Watching: 05 Dec 2018, 10:49 AM ET - Euro Banks: We have updated the Credit Metrics page on our website with summary balance sheet and income statement data for major European banks at 30 September 2018. Credit Metrics includes data on thirty banks that form our core coverage univer ..

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

HSH Nordbank: Legacy Tier 1s Terminated

Worth Watching: 30 Nov 2018, 10:47 AM ET - HSH Nordbank (Baa3/NR/BBB-) has announced its decision to terminate its silent participations (funded by its legacy Tier 1 securities, the SPARC, RESPARC I, RESPARC II and SPHERE bonds). The bank's sale to a consortium led by J.C. Flowers and Ce ..

UK Banks: AT1 Conversion in Stress Test

Worth Watching: 30 Nov 2018, 6:51 AM ET - UK Banks: We have had a few questions around the conversion of Barclays' and Lloyds' AT1s into CET1 capital in the recent UK bank stress test (see UK Banks Clear Brexit Stress Test Hurdles). This is our understanding of why both banks were pres ..

UK Banks Clear Brexit Stress Test Hurdles

Sector Analysis: 28 Nov 2018, 4:06 PM ET - The market should welcome the Bank of England stress test results that show the major UK banks weathering the Brexit storm, with no need for any of them to strengthen capital.

Euro Financial Movers: Gourd Times And Bad

Euro Financial Movers: 25 Nov 2018, 9:41 PM ET - It was a quiet week, with Thanksgiving in the US. Deutsche Bank got caught up in the Danske money-laundering scandal, and the BoE brought forward the UK stress test results. Capital optimisation remains at the top of Generali's agenda.

Nationwide: Solid Foundations In 1H18/19

Worth Watching: 23 Nov 2018, 8:39 AM ET - Nationwide Building Society (Aa3/A/A+) yesterday reported an 18% fall in pre-tax profit for the six months to 30 September 2018 (its year-end is 4 April), from £628 mn to £516 mn. This was entirely attributable to a £135 mn charge for technolog ..

Euro Financial Movers: Brexit – Kind Of A Big Deal

Euro Financial Movers: 18 Nov 2018, 10:00 PM ET - The UK’s draft EU withdrawal agreement led to uncertainty and spread volatility, while the SRB’s position paper provided some post-Brexit MREL clarity. As IASB looks to defer IFRS 17 to 2022, Munich Re issued its first EUR Tier 2 since 2012

Eurozone Banks: MREL Eligible Bonds Post-Brexit

Worth Watching: 16 Nov 2018, 5:22 AM ET - Eurozone Banks: The Single Resolution Board (SRB) has published a position paper on the "resolvability of banks in the context of Brexit".  As a reminder, the SRB is the European Banking Union's resolution authority and, as such, a key element ..

Euro Financial Movers: La Vida Loca

Euro Financial Movers: 11 Nov 2018, 10:18 PM ET - 3Q18 results continued, with the Italian banks resilient despite macro-economic pressure whilst the Spanish Supreme Court ruled in favour of banks on mortgage-related taxes. Nat cat claims do not seem to be a solvency issue for reinsurers.

Europe's I-Banks: 3Q18 Ups and Downs

Sector Analysis: 11 Nov 2018, 9:47 PM ET - In a mixed quarter for trading and underwriting revenues, European investment banks lost more ground to their US peers.

European Banks: Stress and Stressibility

Sector Analysis: 05 Nov 2018, 3:09 AM ET - The EU-wide stress test results showed that banks, overall, are becoming increasingly resilient, although there were some negative surprises, notably Barclays and Lloyds.

Euro Financial Movers: Stress Relief

Euro Financial Movers: 04 Nov 2018, 10:23 PM ET - The 2018 Stress Test results show EU banks to be more resilient than in previous exercises, whilst 3Q18 earnings continued. After the 3Q18 reinsurers' results, we are starting to see the impact of the recent nat cat events.

Euro Financial Movers: Earnings Glass Half Empty

Euro Financial Movers: 28 Oct 2018, 10:14 PM ET - 3Q18 earnings season kicked off with the Nordic banks affirming their positions on AML, while DB’s struggles continued, and we summarised Danske’s money-laundering woes. In insurance, we initiated coverage of Phoenix.

Euro Banks RelVal: No Pain, No Gain

Sector Analysis: 25 Oct 2018, 8:55 AM ET - Turkey and Italy have been keeping bank credit investors awake at night, but we are heading into the home straight for this year. A compromise is needed over the Italian budget to ensure a smooth ride from here. 

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

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