Instos buy as NAB taps 2011s to over A$3 billion

NOTE: THIS DEAL WAS DOWNSIZED INBETWEEN PRICING AND SETTLEMENT. CLICK HERE TO READ ABOUT THE FINAL DEAL

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.