NAB launches wholesale perpetual AT1 deal

National Australia Bank (NAB) (AA-/Aa3/AA-) launched its wholesale, perpetual non-call 10-year, additional tier-one (AT1) capital transaction on 5 December. The forthcoming deal is being marketed at 375 basis points area over semi-quarterly swap, with the notes expected to be rated BBB- by S&P Global Ratings. Pricing is expected on the day of launch.