Powered by MOMENTUM MEDIA
Broker Daily logo

Major bank prices $800m debt issue

National Australia Bank has successfully priced subordinated medium term notes worth a total of $800 million.

In a trading update to the ASX on Wednesday, the bank announced that it had priced $150 million of 10-year fixed rate subordinated notes under its Medium Term Note program (MTN).

It also priced $650 million of 10-year floating rate subordinated notes under its MTN.

The subordinated MTNs will convert into “fully paid ordinary shares” of the bank if APRA deems them non-viable, the trading update said.

==
==

It comes after NAB successfully raised nearly $1.5 billion in capital in finalising its Capital Notes 2 offer in July.

In a statement to investors at the time, NAB said all valid applications had been accepted in full and that close to 15 million notes had been issued, each at a price of $100.

[Related: NAB announces business restructure]

More on Economy
11 November 2024
An increase in mortgage demand has suggested that consumer confidence is beginning to improve amid rate cut expectations
11 November 2024
The Treasury’s analysis of Australia’s economic performance highlighted plenty of concerning trends. However, business ...
11 November 2024
Mortgage interest charges have continued to rise, however, have been offset by lower fuel and electricity prices.