Thursday 22 September 2016 by FIIG Research ripples_on_water Trade opportunities

Big 4 bank brings the bonds — Two new NAB DirectBonds


Two new NAB subordinated Tier 2 Notes are now available as DirectBonds to wholesale investors, in minimum face value parcels of $10,000


National Australia Bank Ltd (NAB) is one of the four major banks in Australia in terms of market capitalisation and customers. Australian banks, including NAB, benefit from operating in an economy with a very high degree of economic resilience, institutional and government financial strength, and a low susceptibility to event risk. NAB is supported by strong capital ratios and a highly regarded prudential regulator in APRA.

The notes are subordinated Tier 2 Basel III compliant and have 10 year non call five structures.

The factsheets are a summary only. Investors should review all related information memorandums and other offering documentation.

Security Rank Call date Maturity Yield to worst** Factsheet link
NAB 4.00% fixed rate Subordinated Tier 2 21 September 2021* 21 September 2026 3.59% Factsheet
NAB BBSW +2.40% Subordinated Tier 2 21 September 2021* 21 September 2026 3.72% Factsheet

*and each interest payment date thereafter
Pricing is indicative as of 27 September 2016 but subject to change.


**Note: Yield to worst is the lowest yield an investor can expect when investing in a callable bond.