On 20 November, National Australia Bank (NAB) completed the bookbuild for its additional tier-one (AT1) capital deal, NAB Capital Notes 5. The margin has been set at 350 basis points over three-month bank bills, the low end of the indicative range, and the volume upsized to A$2 billion (US$1.5 billion) from A$750 million, with the ability to raise more or less. The offer for the perpetual non-call seven-year notes will open on 24 November and is expected to close on 11 December.