National Australia Bank NAB, one of Australia's four biggest commercial banks, today launched a S$50 million $27.9 million bond deal via JP Morgan. Although it has been a frequent issuer domestically, as well as issuing in the US, the UK, Hong Kong and Japan, this is the bank's first transaction out of Singapore.
The single tranche two-year deal, which priced at par, carries an annual fixed rate coupon of 6.60% and is rated Aa3 by Moody's Investors Service and AA by Standard Poor's. It was placed with a single insurance company, the lead manager confirms.
An official at JP Morgan admits the transaction priced significantly above the government benchmark, but adds...
