NAB completes bookbuild for AT1 transaction

Monday, 24 February 2020

On 24 February, following the completion of a bookbuild, National Australia Bank (NAB) revealed it has increased the volume of its additional tier-one (AT1) capital deal to at least A$1.95 billion (US$1.3 billion) from A$750 million. The margin has been set at 295 basis points over three-month bank bills.

The offer has an optional conversion date on 17 September 2027 and mandatory conversion is scheduled for 17 September 2029. It is expected to open on 25 February and close on 17 March. NAB is sole arranger and joint lead manager alongside Morgan Stanley, Morgans, Ord Minnett, UBS and Westpac Institutional Bank.