Reverse enquiry drives NAB deal as sterling FRN market opens

30 May 2011

Residual demand from Westpac’s three year sterling floater last Thursday drove a similar deal for National Australia Bank on Tuesday. NAB opened books on its three year bond at 8.30am, with Nomura as joint bookrunner.

“Westpac was capped at £600m so there was a lot of demand still there from people who didn’t get any,” said a banker at one of the leads. “There was some reverse enquiry and now we’ve opened it up to the wider market. I think it will go ...

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