NAB withdraws AT1 transaction

On 12 March, National Australia Bank (NAB) (AA-/Aa3/AA-) announced the withdrawal of its offer of additional tier-one (AT1) capital, made 25 February and due to be issued 23 March. In a statement to the ASX, NAB says it recognises market conditions have changed substantially since the offer was launched and ongoing market volatility would likely impact on the trading value of the notes.