Price tightens on four-year bank debt
National Australia Bank got the bank funding week started with a A$575 million addition to its September 2014 fixed and floating rate notes. Last week's capital markets wrap incorrectly reported that NAB added A$100 million to the fixed rate line via a private placement at 108 basis points over swap. It was, in fact, a A$250 million addition to the floating rate notes, although it was split into A$100 million and A$150 million tranches.The latest additions were driven by reverse enquiry and saw A$270 million added to the fixed rate notes and A$305 million added to the FRNs, to take outstandings to A$1.07 billion and A$1.255 billion, respectively. Pricing was a little tighter at 105 bps over swap and bank bills.