NAB heads hybrids pack

The bank’s new preference share issue will provide a fully franked yield above 4%.

The anticipated rush of new interest rate securities to be listed on the ASX is on. As noted in my article on Monday, there is $5 billion of such securities that will reach their call dates or maturity in 2014.

There is also additional capital that the banks need to raise. This is especially true for the four major banks, as APRA moves to implement its D-SIB (Domestic Systemically Important Banks) capital initiative.

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