trending Market Intelligence /marketintelligence/en/news-insights/trending/awfCGWa6eaKOhckIpBJrDg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

National Australia Bank beefs up capital via capital notes, share conversion

Blog

Banking Essentials Newsletter - February Edition, Part 2

Podcasts

StreetTalk – Episode 74: Investor sees legs in strong credit performance, US bank stock rally

Blog

Street Talk – Episode 74: Investor sees legs in strong credit performance, US bank stock rally

Blog

The Evolution of ESG Factors in Credit Risk Assessment: Environmental Issues


National Australia Bank beefs up capital via capital notes, share conversion

National Australia Bank Ltd. boosted its additional Tier 1 capital after raising approximately A$1.87 billion from issuing new capital notes.

In a March 20 release, the lender said it closed its latest capital notes offer and issued 18,740,582 capital notes at A$100 each.

Meanwhile, NAB also completed the resale of all convertible preference shares it issued March 20, 2013. Following the resale, A$750 million convertible preference shares were converted into 30,185,463 ordinary shares based on a price of A$24.85 per share. The remaining balance of A$764 million convertible preference shares were redeemed.

The conversion adds about 19 basis points to the bank's common equity Tier 1 capital ratio.