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Fitch: National Australia Bank to raise A$1.5B in mortgage-covered bonds

National Australia Bank Ltd. plans to raise A$1.5 billion by issuing mortgage-covered bonds, Fitch Ratings said March 16.

The bank will issue the instruments in three tranches — a A$325 million fixed-rate bond due in March 2023, a A$1.05 billion floating-rate bond due in March 2023 and a A$125 million fixed-rate bond due in March 2028. All three bonds benefit from a 12-month extendable maturity.

The issuance brings the bank's total outstanding issuance of mortgage-covered bonds to A$19.8 billion.