NAB preparing wholesale AT1 deal

On 8 July, National Australia Bank (NAB) (AA-/Aa3/AA-) announced plans for a perpetual non-call five-year, wholesale, additional tier-one (AT1) capital transaction. A fixed-income investor call regarding the floating-rate note deal is scheduled for the day of the announcement. The notes are expected to be rated BBB- by S&P Global Ratings.