National Australia Bank has turned to Commonwealth Bank of Australia, Morgans, Westpac Institutional Bank and its own team to sell its $750 million subordinated notes deal.
NAB confirmed the raising and lodged a prospectus on Wednesday morning. The deal was first revealed by Street Talk.
NAB said it would seek to raise about $750 million from the NAB Subordinated Notes 2, which would qualify as tier two capital.
Pricing was to be determined at a bookbuild on February 15, while the notes were to start trading on March 21.
The price range was set at 2.2 per cent to 2.3 per cent over the three month bank bill rate.
NAB is acting as arranger and joint lead manager, while CBA, Morgans and Westpac will also help sell the deal as lead managers.
