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National Australia Bank issues ¥10B worth of subordinated notes

National Australia Bank Ltd. issued ¥10 billion worth of subordinated notes under its US$100 billion global medium-term note program.

The subordinated notes are due Dec. 21, 2026, the bank said in a statement. The notes will carry an annual interest rate of 0.85% until Dec. 21, 2021. The interest rate will then be reset to six-month Japanese yen LIBOR plus 0.75625% per year.

The notes will pay interest June 21 and Dec. 21 of each year, beginning June 21, 2017.

The bank may elect to redeem the notes Dec. 21, 2021.

As of Dec. 20, US$1 was equivalent to ¥118.05.