On 9 May, National Australia Bank (NAB) (AA-/Aa3/AA-) launched a self-led 10-year non-call five-year, tier-two domestic transaction. The forthcoming deal will come in either or both fixed- and floating-rate formats and has indicative price guidance of 215-225 basis points area over swap benchmarks. The deal is expected to be rated BBB/Baa1/A+ and to price on the day of launch.