NAB to launch $500m hybrid

National Australia Bank is close to launching a hybrid issue to shore up its capital ratios ahead of Basel III.

National Australia Bank (NAB) is planning to launch a $500 million hybrid offer, in a push to shore up tier one capital before Basel III is rolled out, sources close to the transaction said.

It is understood the deal – which NAB is open to upsizing – is set to be launched on Monday. The seven-year, non-callable convertible securities will be priced at 325 basis points over the bank bill rate.

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