An end in sight for NAB income securities?

25 June 2018

 

National Australia Bank’s income securities were among the first of the floating rate hybrids to be issued in the late 1990s. Adelaide Bank, Macquarie Bank and a few others, including NAB, issued securities with $100 face values and floating-rate coupons. Prior to the issue of these securities which became known as income securities, hybrids in the 1990s had been issued as fixed-rate converting preference shares. Before converting preference shares, hybrids...

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