NAB’s new hybrid races to the finishing line with $1.45b in bids
National Australia Bank’s latest hybrid issuance had gathered $1.45 billion in bids by 8am Tuesday morning, as investor demand outstripped the $1 billion expected deal size at launch.
National Australia Bank’s last hybrid deal had bids for $2.5 billion from a $1 billion ask. Natalie Boog
A book message sent to investors on Tuesday said the $1.45 billion in indicative bids for NAB Capital Notes 7 was at 2.8 per cent margin above the three-month bank bill swap rate. That’s at the lower end of the 2.8 per cent to 3 per cent spread from the initial guidance.
NAB’s big broker syndicate still had a few hours to go before they shut the books at 2:30pm.
The joint lead manager roster included NAB, ANZ, Bell Potter, CBA, Morgan Stanley, Morgans, Ord Minnett, Shaw & Partners, UBS and Westpac. There were two co-managers JBWere and LGT Crestone Wealth Management. The brokers launched the deal on Monday.
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