NAB adds to hybrids hype

The 2013 hybrid notes season is already in full swing, with $2 billion of issuance underway.

National Australia Bank announced its anticipated hybrid note issue on Wednesday, with the bank seeking to raise a minimum of $750 million and offering a coupon that will pay 3.2% to 3.4% over the 90-day bank bill rate, adjusted for franking credits.

The hybrid note issue had been anticipated since late January when the market began to buzz with rumours of two hybrid note issues being on the way.

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