NAB announced a new offer NAB Capital Notes (NCN) which are fully paid perpetual, convertible notes issued directly by NAB. The NCNs will raise $1.25b with the ability to raise more or less. They are expected to pay a discretionary, quarterly, floating rate, non-cumulative distribution. Distributions are expected to be fully franked, with a rate equal to sum of the Bank Bill Rate and a margin of 3.50%.

NAB is acting as Arranger and Joint Lead Manager (JLM) to the Offer. Deutsche Bank, Evans & Partners, JP Morgan, and Westpac Institutional Bank have also been appointed as JLMs.

For further information please see www.nab.com.au/ncnoffer