Bond Factsheet
NAB 4.950% Perpetual Corp (AUD)
National Australia Bank Limited
Indicative
Full Lot
Bid Price 94.253
Change in Bid Price 0.001
Bid Yield (%) 6.992 %
Change in Bid Yield 0.002
Ask Price 94.528
Change in Ask Price 0.002
Ask Yield (%) 6.890 %
Change in Ask Yield 0.002
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
National Australia Bank Limited
Guarantor
-
Announcement Date
05 Dec 2019
Issue Date
12 Dec 2019
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.191
Modified Duration
2.833 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.950
Coupon Type
Variable
Annual Coupon Rate
4.950
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 12 Dec 2029 and every quarter thereafter
Reset Rate: BBSW3M (ASX Australian Bank Bill Short Term Rates 3 Month Mid) + Initial Credit Spread (3.750%)
ISIN
AU3CB0269215
CUSIP
ZQ9276390
Bond Currency
AUD
Total Issue Size
500,000,000
Min. Investment Quantity (Nominal)
AUD 500,000
Incremental Quantity (Nominal)
AUD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Mandatory Conversion on Loss Absorption Event
A Loss Absorption Event is each of:
(a) a Common Equity Trigger Event; and
(b) a Non-Viability Trigger Event.
Common Equity Trigger Event
A Common Equity Trigger Event occurs when either or both of the Common Equity Tier 1 Ratio in respect of the NAB Level 1 Group and the NAB Level 2 Group as determined by NAB or APRA at any time is equal to or less than 5.125%. NAB must immediately notify APRA in writing if it makes a determination under Condition 6.2(a). If a Common Equity Trigger Event occurs, NAB must immediately convert into Ordinary Shares or write off:
(i) all Relevant Tier 1 Capital Instruments; or
(ii) a proportion of the Relevant Tier 1 Capital Instruments sufficient to return each of the Common Equity Tier 1 Ratio in respect of the NAB Level 1 Group and the Common Equity Tier 1 Ratio in respect of the NAB Level 2 Group to a percentage above 5.125% determined by NAB for that ratio.
Non-Viability Trigger Event
A Non-Viability Trigger Event means APRA has provided a written determination to the Issuer that:
(i) the conversion into Ordinary Shares or write off of Relevant Tier 1 Capital Instruments in accordance with their terms or by operation of law is necessary because without the conversion or write off, APRA considers that NAB would become non-viable; or
(ii) without a public sector injection of capital into, or equivalent support with respect to, NAB, APRA considers that NAB would become non-viable.
If a Non-Viability Trigger Event occurs under Condition 6.3(a)(i), NAB must immediately convert into Ordinary Shares or write off:
(i) all Relevant Tier 1 Capital Instruments; or
(ii)where APRA is satisfied that conversion or write off of a proportion of Relevant Tier 1 Capital Instruments will be sufficient to ensure that NAB will not become non-viable, that proportion of Relevant Tier 1 Capital Instruments.
Where a Non-Viability Trigger Event occurs under Condition 6.3(a)(ii), NAB must immediately convert or write off all Relevant Tier 1 Capital Instruments then outstanding (including Capital Notes).
APRA has stated that it will not approve partial conversion or partial write off in those exceptional circumstances where a public sector injection of funds is deemed necessary.
Write Off following failure to Convert
If Conversion required in respect of a Capital Note on account of a Loss Absorption Event has not been effected within 5 days after a Loss Absorption Event Conversion Date for any reason (including an Inability Event), then the Conversion will not occur and the Capital Notes which, but for this Condition 6.5, would be required to be Converted, will be Written Off with effect on and from the Loss Absorption Event Conversion Date.
Written Off means that, in respect of a Capital Note and a Loss Absorption Event Conversion Date:
Deferral Interest Payment
A Distribution will be paid only if:
(a) the Directors in their sole discretion resolve to pay the relevant Distribution on the relevant Distribution Payment Date; and
(b) a Payment Condition does not exist on the relevant Distribution Payment Date.
Distributions are non-cumulative
Distributions are non-cumulative. If all or any part of a Distribution is not paid in full because of the restrictions in Condition 4.9 or for any other reason:
(a) NAB has no liability to pay the unpaid amount of the Distribution;
(b) Holders have no claim or entitlement in respect of such non-payment; and
(c) such non-payment does not constitute an event of default.
No interest accrues on any unpaid Distributions and the Holder has no claim or entitlement in respect of interest on any unpaid Distributions.
Dividend Stopper
Subject to Condition 4.12, if a Distribution on a Capital Note has not been paid in full (Relevant Distribution) on a Distribution Payment Date (Relevant Distribution Payment Date) for any reason (including because of the restrictions in Condition 4.9), NAB must not, unless approved by an Ordinary Resolution, until and including the Distribution Payment Date following the Relevant Distribution Payment Date:
(a) declare, determine to pay or pay any Ordinary Share Dividend; or
(b) undertake any Buy-Back or Capital Reduction,
unless the Relevant Distribution is paid in full within 3 Business Days of the Relevant Distribution Payment Date.
Issuer Call
NAB may, with APRA’s prior written approval, by notice to the Registrar and the Holders (an Optional Redemption Notice), elect to Redeem:
(a) all or some Capital Notes of a Series on a Redemption Date following the occurrence of a Tax Event or a Regulatory Event; or
(b) all or some Capital Notes of a Series on a Scheduled Optional Redemption Date.
Holders should not expect that APRA’s approval will be given for any Redemption of Capital Notes under these Conditions.
Capital Notes will be redeemed by payment on the Redemption Date of an amount equal to the Principal Amount to the Holder.
Scheduled Optional Redemption Date 12 December 2029.
Additional Note
Subject to Conditions 6 and 7, on the Mandatory Conversion Date for a Series NAB must Convert all (but not some) Capital Notes of that Series into Ordinary Shares in accordance with Condition 9 and this Condition 5.
Scheduled Mandatory Conversion Date 12 December 2031.
7. Mandatory Conversion on Acquisition Event
If an Acquisition Event occurs, NAB must Convert all (but not some only) Capital Notes on the Acquisition Conversion Date by notice (an Acquisition Conversion Notice) to the Registrar and the Holders in accordance with this Condition 7 and Condition 9.
8. Optional Conversion by NAB
NAB may, with APRA’s prior written approval, by notice to the Registrar and the Holders (an Optional Conversion Notice) elect to Convert:
(a) all or some Capital Notes of a Series on an Optional Conversion Date following the occurrence of a Tax Event or a Regulatory Event;
(b) all or some Capital Notes of a Series on an Optional Conversion Date following the occurrence of a Potential Acquisition Event; or
(c) all or some Capital Notes of a Series on a Scheduled Optional Conversion Date.
Holders should not expect that APRA’s approval will be given for a Conversion of Capital Notes under these Conditions.
Scheduled Optional Conversion Date 12 December 2029.
12. Optional Resale by NAB
NAB may, with APRA’s prior written approval, by notice to the Registrar and the Holders (an Optional Resale Notice), elect to Resell:
(a) all or some Capital Notes of a Series on a Resale Date following the occurrence of a Tax Event or a Regulatory Event; or
(b) all or some Capital Notes of a Series on Scheduled Optional Resale Date.
Holders should not expect that APRA’s approval will be given for any Resale of Capital Notes under these Conditions.
Scheduled Optional Resale Date 12 December 2029.
Please refer to the offering document (Information Memorandum Dated on 28 November 2019) for more information.
Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
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