The decision by National Australia Bank (NAB) to launch and price a tier-two transaction early in the new year paid off, issuer and leads say, in the form of a tightly priced deal with greater than expected volume for an Australian dollar EMTN transaction. NAB printed A$275 million (US$204.6 million) of 15-year, non-call 10-year (15NC10) tier-two notes on January 11.