Avoid NAB Capital Notes

Last week ANZ (ASX: ANZ) sold $850m of Capital Notes 3 at a margin of 3.6% over the bank bill rate, for a current yield of 6% (see Avoid ANZ Capital Notes 3).Now it’s National Australia Bank’s (ASX: NAB) turn. It plans to raise $750m from Capital Notes pitched at a 3.5-3.7% margin over the bank bill rate. That’s bang in line with ANZ’s offer but it’s the widest margin that National Australia has offered in recent memory. Past offers had margins of 3.2% and 3.25%, well above the 2.8% margin for last year’s largest deal, Commonwealth Bank’s (ASX: CBA)...

Last week ANZ (ASX: ANZ) sold $850m of Capital Notes 3 at a margin of 3.6% over the bank bill rate, for a current yield of 6% (see Avoid ANZ Capital Notes 3).

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