NAB launches $750m raise
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The news: National Australia Bank has launched a new eight-year tier 1 capital issue, expected to raise around $750 million.
The numbers: The offer, which comprises a broker firm offer and an institutional offer, is expected to have a margin of 2.6% to 2.8% above the bank bill swap rate.
The context: Named NAB Capital Notes 8, the issue will be jointly managed by NAB, ANZ, Bell Potter, CBA, E&P, Morgans Financial, Ord Minnett, Shaw and Partners, UBS and Westpac.
The offer, which aims to expand the bank's capital base, will close acceptances on 31 May, with a proposed issue date of 6 June.
The source: ASX announcement
