Allens guides joint lead managers on $1.25bn NAB offer

Allens has advised a syndicate of joint lead managers on a $1.25bn NAB Capital Notes 7 offer made by the National Australia Bank Limited (NAB).

The syndicate includes 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, and Westpac Banking Corporation division Westpac Institutional Bank.

According to Allens, these convertible, subordinated notes are scheduled to pay quarterly, floating rate, and non-cumulative distributions under certain conditions. The firm said that they will qualify as additional Tier 1 Capital under NAB’s regulatory capital requirements.

According to the co-head of Allens’ equity capital markets team, Robert Pick, the firm’s work on this deal represented “a continuation of our role advising the joint lead manager syndicates on all major capital equity raisings by NAB over the last 15 years”.

The Allens team on this transaction was composed of Pick, partner Julian Donnan, senior associate Kelsey Montgomery, and lawyer Caitlin McClusky.

Allens has advised on the retail offerings of hybrid securities for APRA-regulated issuers. In the past two decades, the Allens equity capital markets team has advised the issuers or joint lead managers on raisings by the Commonwealth Bank of Australia, NAB, Bendigo and Adelaide Bank, Insurance Australia Group, and Bank of Queensland.