Table shows mid-market premiums (in % of notional) as spot and time change. <4.47E4.gif> 19.5 is mid (offer is 21) 4) scale into f4mm Nationwide (UK Building society) 6.875% perpetual which yields 6.4% in GBP and is likely to be called in 5years European Bank AT1 HyBrid Bonds (aka coco's) have rallied si

cantly. We were unable to get the BBVA issue at the right levels. A very similar bond which has rallied 30bp less than the BBVA is the Nationwide (UK Building society) 6.875% perpetual which currently yields 6.4% and is likely to be called in 5years time. It has a tierl capital trigger of 7% and current