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LONDON - National Australia Bank Limited (NAB) announced plans to issue GBP floating rate covered bonds maturing in 2030, according to a pre-stabilization notice released Monday.
The Toronto-Dominion Bank will act as the stabilization coordinator for the benchmark-sized offering, alongside stabilization managers including BMO Capital Markets, Lloyds Bank Corporate Markets plc, National Australia Bank Limited, NatWest Markets Plc, and RBC Europe Limited.
The bonds will be guaranteed by Perpetual Corporate Trust Limited. The stabilization period is expected to begin immediately and could last until December 29, 2025, which is 30 days after the proposed issue date of the securities.
During the stabilization period, managers may over-allot securities or conduct transactions to support the market price of the bonds at levels higher than might otherwise prevail, though stabilization is not guaranteed to occur.
The offering is directed at qualified investors outside the United Kingdom or those within the UK who have professional experience in investment matters or qualify as high net worth individuals under financial promotion regulations.
The bonds have not been registered under the United States Securities Act of 1933 and will not be offered or sold in the United States.
The announcement, based on a press release statement, did not disclose the offer price, which is to be confirmed at a later date.
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