BNZ sells hybrid capital

National Australia Bank said yesterday in an announcement that it planned to sell NZ$150 million in hybrid capital through BNZ Income Securities 2 Limited.

The securities will be perpetual, non-cumulative shares, NAB said. The capital will count as innovative Tier 1 capital at the group level and as Tier 1 capital for Bank of New Zealand.

BNZ will market the offer to wholesale and retail investors in New Zealand.