National Australia Bank’s syndicate desk is tightening the screws for the bank’s $1 billion-odd hybrid deal.
National Australia Bank’s syndicate desk is tightening the screws for the bank’s $1 billion-odd hybrid deal, sending a book update to investor clients at lunchtime on Tuesday.Louie Douvis
The update said NAB and its brokers had received more than $2.5 billion of bids, including institutional interest, with the indicative margin unchanged at 315 to 335 basis points. The syndicate desk called for new money bids by 10am on Wednesday, and reinvestment book bids by 2pm Thursday. for its NAB Capital Notes 6, with proceeds used to fund the bank’s businesses and refinance an existing hybrid NAB Capital Notes 2. The deal launched on Monday morning.A similar deal from ANZ raised $1.28 billion at 2.7 per cent above swaps in February, while CBA tapped the market for $1.75 billion at 2.75 per cent in early March.
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