In a trading update to the ASX on Wednesday, the bank announced that it had priced $150 million of 10-year fixed rate subordinated notes under its Medium Term Note program (MTN).
It also priced $650 million of 10-year floating rate subordinated notes under its MTN.
The subordinated MTNs will convert into “fully paid ordinary shares” of the bank if APRA deems them non-viable, the trading update said.
It comes after NAB successfully raised nearly $1.5 billion in capital in finalising its Capital Notes 2 offer in July.
In a statement to investors at the time, NAB said all valid applications had been accepted in full and that close to 15 million notes had been issued, each at a price of $100.
[Related: NAB announces business restructure]
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.