National Australia Bank (NAB) became the third of Australia's big four banks to price a retail hybrid or subordinated notes offer in 2012 on May 21, doubling the indicative volume of the deal to A$1 billion (US$1 billion) of tier two capital with a 10-year maturity and five-year call date. The deal priced at 275 basis points over bank bill swap rate (BBSW) or the tight end of its 10 basis point margin range.