On 11 February, National Australia Bank (NAB) launched its additional tier-one (AT1) notes transaction, NAB Capital Notes 3. The offer is expected to raise A$750 million (US$532.7 million), with the ability to accept more or less. The forthcoming deal has an indicative margin of 400-420 basis points over three-month bank bills. The final margin will be announced following a bookbuild, expected on 18 February.
