NAB calls in $449.7M of high-yielding BNZ perpetual notes

Tue, 19 Feb 2013

Feb. 20 (BusinessDesk) – National Australia Bank is calling in $449.7 million of BNZ Income Securities perpetual shares which pay a coupon of 9.89 percent, the highest of any hybrid security traded on the NZX Debt Market. The perpetual non-cumulative shares were issued on March 28, 2008, when prevailing interest rates were much higher. For example, New Zealand two-year swaps have tumbled more than 5 percentage points since then. NAB is exercising its right to call the securities on their fifth anniversary and has asked NZX to halt trading in...

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