NAB scores with latest Singapore sub debt

National Australia Bank's S$450m bond is the latest in a barrage of subordinated deals for the city-state's yield-hungry investors.

National Australia Bank turned to Singaporean investors for capital on Thursday, selling the latest in what is quickly becoming a barrage of deals for the city-state’s yield-hungry investors.

The bank turned to Singapore dollar investors only a day after United Overseas Bank and Societe Generale sold their own subordinated deals in the currency, sparking back to life a bank capital market that has only hosted two other deals so far this year.

NAB priced the S$450m $328.9m 12-year non-call seven Tier 2 bond to yield 4.15% or 203bp over the seven-year Singapore Swap Offer rate SOR.

DBS, OCBC and...

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