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NAB 6.558% 12May2041 Corp (AUD)
National Australia Bank Limited
Full Lot
Bid Price 97.750
Change in Bid Price 0.250
Bid Yield (%) 6.773 %
Change in Bid Yield 0.026
Bid Volume 200,000
Ask Price 98.300
Change in Ask Price 0.300
Ask Yield (%) 6.713 %
Change in Ask Yield 0.034
Ask Volume 200,000
Price as of 02 Oct 2026, 4:48pm
Odd Lot
Bid Price 97.700
Change in Bid Price 0.750
Bid Yield (%) 6.778 %
Change in Bid Yield 0.078
Bid Volume 200,000
Ask Price 98.350
Change in Ask Price 0.100
Ask Yield (%) 6.708 %
Change in Ask Yield 0.008
Ask Volume 200,000
Price as of 02 Oct 2026, 4:48pm
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
06 May 2026
Issue Date
12 May 2026
Maturity Date
12 May 2041
Years to Maturity / Next Call
14.617 / 9.614
Modified Duration
9.022 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.558
Coupon Type
Variable
Annual Coupon Rate
6.558
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset date: 12 May 2036 and every quarter thereafter
Reset Rate: 3 month BBSW + Initial Matgin (1.680%)
ISIN
AU3CB0334621
CUSIP
DK2314856
Bond Currency
AUD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
AUD 10,000
Incremental Quantity (Nominal)
AUD 10,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ A-
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
Tier 2
Non-Viability Trigger Event: A Non-Viability Trigger Event occurs when APRA has provided a written determination to the Issuer that:
(a) the conversion or write-off of Relevant Capital Instruments of the Issuer is necessary because without the conversion or write-off, APRA considers that the Issuer would become non-viable; or
(b) without a public sector injection of capital into, or equivalent capital support with respect to, the Issuer, APRA considers that the Issuer would become non-viable
Conversion Following a Non-Viability Trigger Event: If a Non-Viability Trigger Event occurs, the primary method of loss absorption is Conversion. Upon a Non-Viability Trigger Event occurring, the Issuer will be required to immediately Convert all or, in some cases a proportion of the Subordinated MTNs into Ordinary Shares. If for any reason Conversion is not effected within five Business Days, Subordinated MTNs will be Written-Off and Holders’ rights, including any rights to payments of interest and principal, will be immediately and irrevocably terminated and written off with effect on and from the Conversion Date.
Issuer Call
Early redemption of Subordinated MTNs is subject to the prior written approval of APRA and to further requirements with respect to regulatory capital replacement (subject to income sustainability) or regulatory confirmation of the Issuer’s capital position.
Holders of Subordinated MTNs should not expect that APRA’s approval will be given for any early redemption of Subordinated MTNs.
Additional Note
If the relevant Pricing Supplement states that the Issuer may redeem all or some of the Subordinated MTNs of a Series before their Maturity Date under this Condition, the Issuer may redeem all or some of the Subordinated MTNs of a Series before their Maturity Date for an amount in respect of each Subordinated MTN redeemed equal to its Redemption Amount and any interest accrued on it to (but excluding) the redemption date if a Regulatory Event occurs.
For the purpose of this Condition 12.4 (“Early redemption of Subordinated MTNs for regulatory reasons”), “Regulatory Event” means a determination by the Directors of the Issuer, having received:
(i) an opinion from a reputable legal counsel that, as a result of any amendment to, clarification of or change (including any announcement of any change that will be introduced) in any law or regulation of the Commonwealth of Australia or any political subdivision thereof or any authority thereof or therein, or any official administrative pronouncement or action or judicial decision interpreting such laws or regulations, or any direction, order, standard, requirement, guideline or statement of APRA (whether or not having the force of law), in each case which amendment, clarification or change is effective, or pronouncement, action or decision is approved, after the Issue Date; or
(ii) a written statement from APRA after the Issue Date,
that the Issuer is not or will not be entitled to treat all of the Subordinated MTNs as Tier 2 Capital, which event the Issuer did not expect as at the Issue Date of that Subordinated MTN (including where Subordinated MTNs are issued as a Tranche consolidated with an existing Series, as at the date of issue of that Tranche).
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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