National Australia Bank Limited Completes $1.0 Billion Offering Under Covered Bond Program

December 7, 2016

S&C advised National Australia Bank Limited (NAB) in the completion of an offering of $1.0 billion principal amount of 2.400% fixed rate covered bonds due December 7, 2021. These covered bonds were sold under NAB's $30 billion Covered Bond Program, which allows NAB to issue covered bonds from time to time in reliance on an exemption from registration pursuant to Rule 144A / Regulation S of the Securities Act.

The S&C Australia team representing NAB was led by Robert Chu, along with Matthew Wright and Benjamin Fleming. David Spitzer, Alexander Apostolopoulos and Katherine Zhang advised on U.S. taxation matters related to NAB's U.S. debt funding programs, and Mark Menting and Stephen Lam advised on U.S. bank regulatory issues related to the same.