NAB announced the successful completion of the Bookbuild and will issue $1.25b of Capital Notes, and has set the margin at 3.5%. The offer opens 25th February 2015 and is expected to close 16th March 2015. NAB Capital Notes are fully paid mandatorily convertible subordinated perpetual notes issued directly by NAB. They will mandatorily convert into NAB Ordinary Shares on 23rd March 2022 provided certain conditions are met. Joint lead managers are NAB, Evans and Partners, Deutsche Bank AG, JP Morgan Australia Ltd. For more information please visit www.nab.cm.au/ncnoffer