NAB released its quarterly report this week and, tucked away was one sentence which flagged the bank’s intention to issue a new Tier 2 note. “As part of NAB’s ongoing commitment to maintain a strong and efficient capital position, NAB is considering issuance of a new ASX-listed Subordinated Tier 2 Capital security, subject to market conditions, including any competing supply.” Tier 2 securities were previously referred to as debt instruments;...