NAB CPS

NAB has finally jumped at the chance to raise cheap equity from willing punters, with the launch of NAB Convertible Preference Shares. It’s a preference share, so it’s different in form to Westpac Capital Notes, launched earlier in the month, but it’s almost identical in substance. Like Capital Notes, the dividend payments are quarterly, the indicative margin is 3.2% to 3.4% above the 90-day bank bill swap rate and mandatory conversion occurs (hopefully) in March 2021. It also includes the ‘non-viability trigger event’ (in addition to the ‘capital trigger event’) and can be written off if conversion isn’t possible. Which is better? It...

NAB has finally jumped at the chance to raise cheap equity from willing punters, with the launch of NAB Convertible Preference Shares. It’s a preference share, so it’s different in form to Westpac Capital Notes, launched earlier in the month, but it’s almost identical in substance.

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