NAB Subordinated Notes are interest bearing notes and constitute direct, subordinated and unsecured obligations of NAB. Each NAB Subordinated Note is issued on and subject to the provisions of the Deed Poll and the Terms. The NAB Subordinated Notes have been issued with a face value of $100 each and are listed on the ASX under code NABHB.
The term of the NAB Subordinated Notes is 10 years and the maturity date is 18 June 2022 (unless redeemed earlier by NAB in accordance with their terms).
Interest on the NAB Subordinated Notes is payable quarterly in arrears. The interest rate is equal to the sum of the 90-day Bank Bill Rate, plus a fixed margin of 2.75% per annum.
The Bank Bill Rate is set on the first business day of each interest period (and in the case of the first interest period, it was set on the issue date). Interest is payable on the NAB Subordinated Notes on 18 September, 18 December, 18 March and 18 June in each year.
For Australian resident holders, the distributions received will generally form part of your Australian taxable income. Franking credits are not attached to the distributions made.
For more information on the NABHB please refer to:
- NAB Subordinated Notes payment history and relevant ASX announcements from 18 September 2012 to present
- NAB Subordinated Notes – Offer Document (PDF, 2.2MB)
- Financial Services Guide
- NAB Subordinated Notes – Amended Deed Poll (PDF, 1.5MB)