On January 28, National Australia Bank (NAB) (AA/Aa1/AA) issued a new ¥56.3 billion (US$680.6 million) fixed and floating rate five-year Samurai bond, in the second Japanese transaction to come from a major Australian bank in 2011. The deal priced at the tight end of an original pricing guidance of 30-33 basis points over yen swap – with the issuer saying pricing is competitive to alternative markets – with both tranches achieving the same margins as ANZ's (AA/Aa1/AA-) January Samurai.