NAB raises $2.02 billion from upsized follow-on

The fully underwritten deal, which was launched at a fixed 9.7% discount to the latest market price, drew significant demand and was increased by 50%.

National Australia Bank has raised A$3 billion $2.02 billion from a follow-on share sale which met with strong enough demand from domestic institutions to allow the original A$2 billion offering to be upsized by 50%. This makes it the largest Australian follow-on this year and shows that there is a lot of liquidity around. It also offers proof that investors are still prepared to buy equity รป even in banks.

They are, however, asking for quite a steep discount to...

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