NAB 5.902% 14Jan2036 Corp (USD)

Bond Factsheet

National Australia Bank Limited

Indicative

Full Lot

Bid Price

96.243

Change in Bid Price

remove 0.391

Bid Yield (%)

6.445 %

Change in Bid Yield

0.058

Ask Price

96.525

Change in Ask Price

remove 0.404

Ask Yield (%)

6.403 %

Change in Ask Yield

0.059

Indicative price as of 06 Oct 2026, 4:04pm

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Bond Information

National Australia Bank Limited (NAB) provides banking and financial solutions. The Company offers internet banking, saving accounts, insurance, credit cards, home loans, and personal finance services. NAB serves customers worldwide.

Bond Issuer

National Australia Bank Limited

Guarantor

Announcement Date

06 Jan 2025

Issue Date

14 Jan 2025

Maturity Date

14 Jan 2036

Years to Maturity / Next Call

9.277 / 8.277

Modified Duration

6.906 @ 06 Oct 2026

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

5.902

Coupon Type

Fixed

Annual Coupon Rate

5.902

Coupon Frequency

Semi Annually

Seniority

Subordinated

Capital Structure

Tier 2

Reference Rate

Reset date: 14 January 2035 and every quarter thereafter
Reset Rate: Prevailing 1-Year USD Treasury Rate + Initial Margin [TBD]

ISIN

USQ6535DCJ11

CUSIP

YS4067825

Bond Currency

USD

Total Issue Size

1,250,000,000

Min. Investment Quantity (Nominal)

USD 250,000

Incremental Quantity (Nominal)

USD 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)

***/ A-

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Loss Absorption

Tier 2

Non-Viability Trigger Event

A Non-Viability Trigger Event occurs when APRA has provided a written determination (Non-Viability Determination) to NAB that:

(a) the conversion or write-off of Relevant Capital Instruments of NAB is necessary because without the conversion or write-off, APRA considers that NAB would become non-viable; or

(b) without a public sector injection of capital into, or equivalent support with respect to, NAB, APRA considers that NAB would become non-viable.

Subject to Condition 10A.10 where "Write-Off – Applicable" is specified in the applicable Final Terms applying to Subordinated Notes, but notwithstanding any other provision in these Conditions, on the Conversion Date, in respect of a Subordinated Note, the relevant nominal amount (as determined under Condition 10A.2) of that Subordinated Note will convert immediately and irrevocably into Ordinary Shares (in a number determined under clause 1.1(a) of the Schedule to these Conditions) and where only a portion of a Subordinated Note is converted, the nominal amount of that Subordinated Note shall be reduced by the amount converted accordingly. The conversion will occur in accordance with the terms set out in the Schedule to these Conditions (the Conversion and Convert, Converted and Converting when used herein have corresponding meanings).

Issuer Call

If Issuer Call is specified as being applicable in the applicable Final Terms, the Issuer may (subject, in the case of Subordinated Notes issued by NAB, to the prior written approval of APRA and, in the case of Subordinated Notes issued by BNZ, to the prior written approval of the RBNZ), having given not less than the minimum period nor more than the maximum period of notice specified in the applicable Final Terms to the Noteholders in accordance with Condition 14 (which notices shall be irrevocable, subject, in the case of Subordinated Notes issued by NAB, to Condition 10A, and shall specify the date fixed for redemption), redeem, in whole or in part, the Notes then outstanding on any Optional Redemption Date (in the case of Subordinated Notes, such date being at least five years after the Issue Date) and at the Optional Redemption Amount(s) specified in the applicable Final Terms together, if appropriate, with interest accrued to (but excluding) the relevant Optional Redemption Date. Any such redemption must be of a nominal amount not less than the Minimum Redemption Amount and not more than the Maximum Redemption Amount, in each case as may be specified in the applicable Final Terms. The Optional Redemption Amount will be stated in the applicable Final Terms.

Call Date: January 14, 2035 (one-time call)

Additional Note

Redemption for a Regulatory Event

The provisions of, and the defined terms contained within, this Condition 7.2A apply only to Subordinated Notes issued by NAB and references to "Subordinated Notes" in this Condition 7.2A shall be construed accordingly.

If a Regulatory Event Call is specified in the applicable Final Terms, subject to the prior written approval of APRA, Subordinated Notes may be redeemed, at the option of NAB, in whole or in part at any time, on giving not less than the minimum period and not more than the maximum period of notice specified in the applicable Final Terms to the Trustee and the Principal Paying Agent and, in accordance with Condition 14, the Noteholders (which notice shall be irrevocable, subject to Condition 10A), if a Regulatory Event occurs.

For the purpose of this Condition 7.2A, Regulatory Event means a determination by the Directors of NAB, having received:

(a) an opinion from a reputable legal counsel that as a result of any amendment to, clarification of or change (including any announcement of a change that will be introduced) in, any law or regulation of the Commonwealth of Australia or any political sub-division 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 announced, after the Issue Date; or

(b) a written statement from APRA after the Issue Date,

that, in each case, NAB is not or will not be entitled to treat all of the Subordinated Notes as Tier 2 Capital (as defined in Condition 10A.16), provided that, in each case, NAB does not expect the matters giving rise to the Regulatory Event will occur at the time of issue of Subordinated Notes.

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.

Coupon Dates	Coupon Receive	Principal Amount	Cash Flow

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