On 7 November, National Australia Bank (NAB) (AA-/Aa3/AA-) launched a 12-year non-call seven-year (12NC7), tier-two, Australian dollar denominated benchmark transaction, offered in either or both fixed- and floating-rate format. Indicative price guidance for the forthcoming deal, which is expected to price on the day after launch, is 210 basis points area over swap benchmarks. The notes are expected to be rated BBB+/Baa1/A+.
