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National Australia Bank issues A$275M of notes

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National Australia Bank issues A$275M of notes

National Australia Bank Ltd. issued A$275 million of subordinated notes.

The notes have an issue price of 99.807% of the aggregate nominal and an annual interest rate of 5% until its reset date on Jan. 19, 2027.

The notes convert into fully paid ordinary shares of the bank if the lender becomes nonviable.

The notes will mature Jan. 19, 2032, with an optional redemption date on Jan. 19, 2027.

As of Jan. 18, US$1 was equivalent to A$1.32.