First National Building Society has completed a £330 million sterling mortgage-backed bond issue. The bonds were subscribed for by British and European investors. The transaction involved the refinancing of 14 bonds previously issued by companies within the British-based

TMC group purchased by First National in 1996. First National group deputy managing director, Mr Tony Shanahan, said yesterday the transaction represented a further step in the integration of TMC into the building society's main British operations. It will also help to reduce funding and operational costs.