NAB has just announced the launch of a new income offer, NAB Subordinated Notes 2, with the primary purpose of repaying NAB Subordinated Notes (NABHB), which are due to mature this year.
The Notes will pay a quarterly coupon of 2.2%-2.3% (margin determined by the book build) over the 90 day bank bill swap rate (BBSW), which was 1.77% at 10 February 2017. The initial indicative rate will be 3.97%-4.07%pa with the rate set on the date of issue. The Notes are expected to redeem on 20 September
