On 4 December, National Australia Bank (NAB) (AA-/Aa3/AA-) began taking indications of interest for a wholesale, perpetual non-call 10-year, additional tier-one (AT1) capital transaction. Initial price guidance for the deal, which is expected to launch in the near future, is 375 basis points area over semi-quarterly swap. The notes are expected to be rated BBB- by S&P Global Ratings.

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