NAB raises $750 of capital through hybrids

National Australia Bank aims to raise about $750 million in capital from the sale of hybrid notes, which will convert to ordinary shares in 2024.

National Australia Bank aims to raise about $750 million in fresh capital from the sale of hybrid notes.

The $100 notes are expected to offer an annual return of 4.95-5.10 per cent above the 90-day bank bill rate and, after floating on the Australian Securities exchange on July 8, will convert to ordinary NAB shares in July 2024.

Westpac last week increased its latest issue of capital notes from $750 million to $1.45 billion.