The offer was initially planned to raise $750m
Allens has tapped its capital markets experts to work on a hot offer by National Australia Bank (NAB).
The top firm is advising the arranger and joint lead managers on the NAB Capital Notes 3 offer. The hybrid issue was initially planned to raise $750m, but the target was increased to $1.65bn due to strong demand.
NAB is the arranger and joint lead manager of the offer. Morgan Stanley, Morgans, Shaw and Partners, UBS, and Westpac Institutional Bank are also joint lead managers.
Robert Pick, Allens partner and joint leader of the firm’s equity capital markets (ECM) group, is heading the firm’s team on the deal.
“This is an excellent result for NAB and the transaction team. With this capital raising being undertaken in a challenging environment for financial services companies in Australia, it's encouraging to see ongoing strong demand for hybrid capital issued by Australian banks,” he said.
Pick is supported by associate Nicholas Twomey. Tax matters are handled by partner Craig Milner.
In the last 18 months, the Allens ECM team has advised on similar hybrid offers by Westpac, by Commonwealth Bank of Australia, and by Bendigo and Adelaide Bank.
Robert Pick
