National Australia bank further broadened its Tier 2 investor base with last Wednesday's A$275m (US$205m) sale of 5.0% 15-year non-call 10 T2 notes off its global MTN programme. The first Australian dollar T2 offering of this maturity with a call after 10 years drew orders of more than A$350m, allowing NAB to raise almost double the minimum indicative size of A$150m and price 10bp inside initial guidance at asset swaps plus 220bp.
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