National Australia Bank has tapped a big retail broker syndicate to raise $1 billion or more for a new hybrid issue.
The bank named nine brokers as joint lead managers and one co-manager, and will have them selling the hybrids to clients in coming days.The hybrids, NAB Capital Notes 6, were offered at a 3.15 per cent to 3.35 per cent margin above the bank bill swaps rate.
A bookbuild scheduled for the coming week would determine the final margin, according to terms sent to potential investors. The margin would be announced on June 14. The deal included a reinvestment offer for holders of Nab Capital Notes 2, which were sold in July 2016 and paid a 4.95 per cent margin, along with new money offers and an institutional component.The securities were convertible, subordinated notes that would pay quarterly distributions.P, Morgan Stanley, Morgans, Shaw and Partners and Westpac, while JBWere was named as a co-manager.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets.