In what may be turning into a recent trend, National Australia Bank has followed Westpac’s lead and issued CHF300 million worth of January 2023 bonds with a 0.25% coupon. The bonds issued by NAB appear to be priced more favourably than Westpac’s, paying Swap + 144bps, although the NAB bonds are slightly shorter-dated than the Westpac ones and so some lower rate is usually warranted.