NAB issues A$1.75 bn in subordinated notes, updates dividend details

On November 14, 2025, National Australia Bank Limited issued A$1.75 billion in subordinated medium-term notes maturing in November 2035. This issuance comprises A$650 million in Fixed-to-Floating Rate MTNs with a fixed coupon of A$254.12 per MTN (5.0824% p.a.) during the fixed-rate period, and A$1.1 billion in Floating Rate MTNs, both with a margin of plus 1.30% p.a. over the BBSW Rate during their floating-rate periods. These notes are convertible into ordinary shares under non-viability conditions, with conversion limited to a maximum of 1,152.3392 Ordinary Shares per A$10,000 MTN.

Additionally, NAB updated its ordinary dividend distribution, confirming a payment of AUD 0.85000000 per ordinary fully paid security, fully franked at 100.0000% with an applicable corporate tax rate of 30.0000%. The payment date is December 12, 2025, with the ex-date on November 11, 2025. Dividend payments in foreign currencies were set on November 14, 2025, at 4:00 pm AEDT, with rates including AUD/GBP 0.4969, AUD/NZD 1.1493, and AUD/USD 0.6533.

The Dividend Reinvestment Plan (DRP) and Bonus Security Plan (BSP) are applicable, with no discount offered. Share prices for both plans will be calculated based on the volume-weighted average price from November 18, 2025, to December 1, 2025. Both plans have a participation limit of 5 million NAB ordinary shares per participant.