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National Australia Bank to issue A$500M, C$1B of notes

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National Australia Bank to issue A$500M, C$1B of notes

National Australia Bank Ltd. is issuing A$500 million fixed- to floating-rate capital notes.

The notes were priced at par with a fixed rate of 1.20% and a margin of 3.75% per year, according to a Dec. 12 release.

In addition, the bank is issuing C$1 billion of subordinated notes under its US$100 billion global medium-term note program, according to a seperate same-day release.

The notes were priced with an interest rate of 3.515% until June 11, 2025, after which the rate is 1.58% over the three-month bankers acceptance Canadian dollar offered rate. They will mature June 12, 2030.

The capital notes and the subordinated notes will be issued Dec. 12.