Buyback goes well for Nationwide

IRISH Nationwide has had a near-100% take-up for its coercive buyback of €170 million of subordinated debt at an 80% discount.

The nationalised lender, which is being wound down as part of the EU/IMF bailout, said investors holding €146m of bonds due 2016 and €24m of notes due 2018 had agreed to the buyback by an early deadline of March 8.

Irish Nationwide had said the offer applied to €146m of bonds due in 2015 and €24m due in 2018.