National Australia Bank is back from the debt capital markets with $1.25 billion in tow via its 10-year Tier 2 notes, with pricing landing tighter than the initial guidance.
National Australia Bank is back from the debt capital markets with $1.25 billion in tow via its 10-year Tier 2 notes, paying a tighter spread than the initial guidance.The deal priced at a 6.16 per cent coupon for $950 million worth of fixed-to-floating rate notes, and at 217bps above the three-month bank bill swap rate for $300 million worth of floating rate notes. They would be due in March 2033, and callable after the first five years.
The final pricing was at a narrower spread than the 230bps which NAB - which was also the sole arranger - told fund managers to expect on Tuesday afternoon as it began taking expressions of interest into the bookbuild. The contraction shows an improvement in sentiment for Aussie bank credit deals, especially Tier 2 issuance -- of which there is to be a glut this year -- afterTier 2 bonds sold off sharply late last year as debt investors digested APRA suits’ comments that suggested the regulator could stop issuers from repaying cheap existing debt with new more expensive debt.
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