Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Australian bonds & fixed income research

BondAdviser

BondAdviser is the central reference point for intelligent information on Australian fixed income markets. We help you make informed decisions by providing unbiased research, transparent pricing data, analytics, portfolio tools and education.

BondAdviser has the broadest coverage of retail-accessible ASX-listed and over-the-counter Australian bonds and fixed income securities. We make it easy for you to review and compare investments before you place an order with your broker or dealer.

Credit

On 8th February 2017, National Australia Bank (NAB) announced a new transaction, NAB Subordinated Notes 2 (ASX Code: NABPE). The purpose of this transaction is to provide Regulatory Capital for the group but more specifically, it will be treated as Tier 2 capital. The indicative size of the offer is [$750 million] but NAB retain the ability to change the issue size.The notes will be offered to eligible holders of NAB Subordinated Notes (ASX: NABHB) to reinvest their capital, security holders, brokers and institutional investors.These securities are structured as direct, subordinated and unsecured notes. Distributions are non-discretionary, floating rate, unfranked and cumulative but subject to the solvency test. Distributions will be paid on a quarterly basis based on a calculation equal to 90-Day BBSW plus a margin. The margin will be set at book build with the current guidance being [2.20-2.30%].

On 8th February 2017, National Australia Bank (NAB) announced a new transaction, NAB Subordinated Notes 2 (ASX Code: NABPE). The purpose of this transaction is to provide Regulatory Capital for the group but more specifically, it will be treated as Tier 2 capital. The indicative size of the offer is [$750 million] but NAB retain the ability to change the issue size.The notes will be offered to eligible holders of NAB Subordinated Notes (ASX: NABHB) to reinvest their capital, security holders, brokers and institutional investors.These securities are structured as direct, subordinated and unsecured notes. Distributions are non-discretionary, floating rate, unfranked and cumulative but subject to the solvency test. Distributions will be paid on a quarterly basis based on a calculation equal to 90-Day BBSW plus a margin. The margin will be set at book build with the current guidance being [2.20-2.30%].

National Australia Bank

New Issue: NAB Subordinated Notes 2