NAB launches AT1 capital deal

On 16 November, National Australia Bank (NAB) (AA-/Aa3/AA-) launched an indicative A$750 million (US$545.7 million), perpetual non-call seven-year, additional tier-one (AT1) capital deal, NAB Capital Notes 5. The offer is being marketed with a margin of 350-370 basis points over three-month bank bills. The final margin is expected to be announced on 23 November following a bookbuild.