NAB notes that need redemption

Events in Cyprus build a case for NAB to redeem its National Income Securities sooner rather than later.

Key take-out: National Income Securities could have a destabilising effect on a capital raising of NAB in the event of a dramatic economic downturn.

The calamity in Cyprus is regarded by many as an isolated and possibly insignificant financial event. I am not sure, for it does starkly show that banks are important and highly leveraged entities.


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