National Australia Bank (ASX:NAB) issued AU$1.5 billion subordinated callable fixed-to-floating rate medium term notes due July 2040 on Wednesday, according to a same-day filing with the Australian bourse.
The notes carry an interest rate of 5.774% per annum during the fixed rate period, for each July 30 and Jan. 30, up to and including July 30, 2035.
The interest rate during the floating rate period will be the aggregate of the bank bill swap rate and the margin of 1.7% per annum. The floating rate period begins on July 30, 2035.
The maturity date is July 30, 2040.
The notes convert into fully paid ordinary shares of the bank, where the Australian Prudential Regulation Authority determines this to be necessary as the bank would otherwise become nonviable.
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