New Issue Commentary — NATIONAL AUSTRALIA BANK LIMITED
Dealer commentary on this issuer’s latest new issue, summarised.
National Australia Bank Limited is marketing four AUD tranches under its Debt Issuance Programme: a 3year fixed and a 3year floating senior unsecured MTN, and a 10NC5 fixedtofloating and a 10NC5 floating Tier 2 MTN. Initial indications were taken on 20261105, and the deal launched on 20261106 with books open and pricing expected the same day, subject to market conditions. Guidance was unchanged for the floating tranches and the 10NC5 fixedtofloating tranche's indicative coupon eased slightly from 6.426% to 6.385% S.A, while the 3year fixed coupon moved from 5.45% to 5.40% S.A. No book size, oversubscription, or allocation information has been disclosed for any tranche.
| Tranche | Tenor | Coupon | Ccy | Size | Rank | Maturity |
|---|---|---|---|---|---|---|
| AUD Short 3YR (OCT-29) Fixed Rate Senior Unsecured MTN | 3yr | Indicative [5.4]% S.A (full first); IOI stage indicated 5.45% S.A | AUD | Senior Unsecured | [12] October 2029 | |
| AUD Short 3YR (OCT-29) Floating Rate Senior Unsecured MTN | 3yr | 3m BBSW +[72]bps 'area' | AUD | Senior Unsecured | [12] October 2029 | |
| AUD 10NC5 Fixed-to-Floating Tier 2 Subordinated MTN | 10NC5 | Indicative [6.385]% S.A; IOI stage indicated 6.426% S.A | AUD | Tier 2 Subordinated | [12] November 2036 | |
| AUD 10NC5 Floating Rate Tier 2 Subordinated MTN | 10NC5 | 3m BBSW +[165]bps 'area' | AUD | Tier 2 Subordinated | [12] November 2036 |