On December 8, National Australia Bank (NAB) (AA/Aa1/AA) completed an offer to buy back its March 2012, government-guaranteed fixed and floating rate line, having successfully retired A$730 million (US$718 million) of paper. Investors were offered a buyback price of swap flat, compared to the margin of 60 basis points over swap and bank bill swap rate (BBSW) when the bonds were originally priced in March 2009.