NAB’s senior falls between cracks

By Tyler Davies
14 Sep 2017

National Australia Bank (NAB) was said to have “fallen between the cracks” this week when a €500m seven year deal appeared to find the limit of investors’ demand for tightly priced senior bonds.

NAB opened books on the new seven year offering on Monday, with bookrunners Bank of America Merrill Lynch, Crédit Agricole, National Australia Bank and UBS starting pricing at 35bp area over mid-swaps.

An early update on the book showed that orders from investors had reached ...

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