Wealth Focus has secured access to an allocation to the NAB Subordinated Notes IPO. Investors looking to apply for a broker firm allocation will need to contact us on 1300 55 98 69.

NAB Subordinated Notes
Looking at this offer you would be forgiven if it feels familiar. In many ways it mirrors our the recent ANZ Subordinated Notes issue (our favoured hybrid in the recent March/April listings), but with a shorter term that coincides with ANZHA's initial call date and final maturity date.

We would argue that the recent RBA cuts and this weeks large falls in the sharemarket has demonstrated the value of fixed income products and with NABHB's closest comparable, ANZHA, last trading at $101.25 (16/05/12), NABHB is likely to offer investors some upside on listing.

We feel investors should be reasssured that NAB's margin of 2.75%pa over the 90 day BBSW (3.84% - 11/05/12) is just as attractive as the ANZHA offer.

• Fact sheet
• Prospectus
• Research

• Broker firm offer - Our allocation through the broker firm offer means investors are more likely to obtain their allocation without waiting for the general offer.
  


• Limited Offer – The offer is to raise approximately $1 Billion, with the ability to raise more or less. The shares will be traded on the ASX


• Income - NAB Subordinated Notes provide holders with quarterly unfranked distributions.


• High level of income - The indicative distribution rate is 2.75% over the 90 day Bank Bill Swap Rate (3.50% - 21/05/12) for an indicative rate of 6.25%pa.


• Minimum investment - $10,000 (this is a Wealth Focus minimum)


• Issue Price - $100

• Fact sheet
• Prospectus
• Research