NEWS

Allens advises the joint lead managers of $1.25bn NAB Capital Notes 7 offer

Allens has advised the syndicate of joint lead managers of National Australia Bank Limited's $1.25 billion offer of NAB Capital Notes 7.

The joint lead managers are National Australia Bank Limited (NAB), ANZ Securities Limited, Bell Potter Securities Limited, Commonwealth Bank of Australia, Morgan Stanley Australia Securities Limited, Morgans Financial Limited, Ord Minnett Limited, Shaw and Partners Limited, UBS AG, Australia Branch, Westpac Institutional Bank, a division of Westpac Banking Corporation.

The NAB Capital Notes 7 are convertible, subordinated notes that are scheduled to pay quarterly, floating rate, non-cumulative distributions (subject to certain conditions), and will qualify as Additional Tier 1 Capital for the purposes of NAB's regulatory capital requirements.

Allens has a leading practice advising on retail offerings of hybrid securities by APRA-regulated issuers. Over the last two decades, the Allens Equity Capital Markets team has advised the issuer or joint lead managers on multiple raisings by Commonwealth Bank of Australia, NAB, Bendigo and Adelaide Bank, Insurance Australia Group and Bank of Queensland.

'We are delighted to have had the opportunity to advise the joint lead managers on this important transaction for NAB, which is a continuation of our role advising the joint lead manager syndicates on all major capital equity raisings by NAB over the last 15 years,' said Robert Pick, co-head of Allens' Equity Capital Markets team.

Allens legal team

Robert Pick (Partner, Co-Head of ECM), Julian Donnan (Partner, Co-Head of ECM), Kelsey Montgomery (Senior Associate) and Caitlin McClusky (Lawyer)