Nationwide comments on perpetual instruments
Nationwide's Core Capital Deferred Shares (CCDS), Additional Tier 1 (AT1) and Permanent Interest Bearing Shares (PIBS) constitute permanent, in some instances callable, regulatory capital with no specified final maturity date. The prospectuses for each instrument are available through the website. CCDS, AT1 and PIBS may be redeemed by Nationwide, provided it has prior regulatory permission, through a non-compulsory offer to purchase or exchange at a price close to the prevailing market level.
In addition, AT1 and most tranches of PIBS can be redeemed at par, subject to regulatory permission, at specified call dates as set out in their terms and conditions.
Nationwide cannot provide any forward guidance with respect to call decisions on regulatory capital instruments. Nationwide would only redeem or repurchase these instruments in accordance with their contractual terms and subject to prevailing market, economic and regulatory conditions at the relevant time.