NAB starts marketing wholesale perpetual AT1 deal

On 4 December, National Australia Bank (NAB) (AA-/Aa3/AA-) began taking indications of interest for a wholesale, perpetual non-call 10-year, additional tier-one (AT1) capital transaction. Initial price guidance for the deal, which is expected to launch in the near future, is 375 basis points area over semi-quarterly swap. The notes are expected to be rated BBB- by S&P Global Ratings.