Funds Focus

NAB has just announced the launch of a new income offer, NAB Subordinated Notes 2, with the primary purpose of repaying NAB Subordinated Notes (NABHB), which are due to mature this year.

The Notes will pay a quarterly coupon of 2.2%-2.3% (margin determined by the book build) over the 90 day bank bill swap rate (BBSW), which was 1.77% at 10 February 2017. The initial indicative rate will be 3.97%-4.07%pa with the rate set on the date of issue. The Notes are expected to redeem on 20 September

MYOB Group has just announced the launch of a new income offer: MYOB Subordinated Notes.The first round of access is through a broker firm allocation, prior to the general offer and listing in December.

The Notes will pay a quarterly coupon of 5.0%-5.5% (rate determined by the bookbuild) over the 90 day bank bill swap rate (BBSW), which was 3.27% as of 23rd December, with an initial indicative rate of 9.97%-10.27%pa (The first pricing is due to be set on date of issue). The Notes are expected

Westpac Bank has announced the launch of a new income offer: Westpac Subordinated Notes (WBCHA).The first round of access is through a broker firm allocation, prior to shareholder and general offer and listing in August.

The Notes will pay a half yearly coupon of 2.75% over the 90 day bank bill swap rate (BBSW), 3.48%  as of 23rd July, with an initial indicative rate of 6.23%pa. (The first quarterly price to be set on date of issue) and are expected to redeem 23rd August 2017. The Notes will