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Institutional investors made up half the book on the July 22 increase to National Australia Bank (AA/Aa1/AA) (NAB)’s 2011 domestic fixed and floating bond. The bank sold A$850 million (US$829.69 million) of new paper at 90 basis points above swap, making the line the first Australian corporate bond of over A$3 billion.
With deal flow elsewhere reduced to a trickle, market talk has turned to T1 securities, with ANZ Banking Group (ANZ) and National Australia Bank (NAB) said to be looking to follow Suncorp Metway, Macquarie Bank and Westpac Banking Corporation (Westpac) as domestic hybrid issuers this year.