NAB Sub Notes: At sea and no lifejacket

NAB’s offer may be the best of the sector, argues Walnut Report’s Richard Livingston, but is the extra yield worth the risk?

Investing in hybrids such as this appears a safe, secure activity. But right at the moment you need these qualities, they sink without trace. The experience of overseas investors in similar products (more on that later) shows how these products can go wrong and the disastrous consequences that follow.

NAB is seeking to raise $1bn from this offer, although it has reserved the right to raise more. How much will depend on the number of investors willing to throw caution to the wind in the chase for meagre additional returns.

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