NAB excels on return to euros

摘要

NATIONAL AUSTRALIA BANK (Aa3/AA-/AA-) made a successful return to the euro market last Wednesday with a €2bn dual-tranche Eurobond issue that helped allay remaining fears of a European investor push-back related to Australia's banking scandals. A capped €750m five-year Green bond offering attracted an impressive €2.4bn of demand, which enabled joint lead managers BNP Paribas, Citigroup, NAB and UBS to price the 0.625% August 30 2023s well inside 50bp area initial price thoughts at mid-swaps plus 35bp for a 5bp new issue concession.