NAB launches wholesale AT1 deal

On 9 July, National Australia Bank (NAB) (AA-/Aa3/AA-) launched its perpetual non-call five-year, wholesale, additional tier-one (AT1) capital, Australian dollar denominated, benchmark transaction. Indicative price guidance for the deal, which is expected to price on the day after launch, is 400-410 basis points area over three-month bank bills.