NAB’s $A3 billion placement and $A1.25 billion SPP provided the bank with sufficient capacity to continue supporting its customers as well as to increase its capital level to assist managing through a range of possible scenarios, including a prolonged and severe economic downturn.
We acted as joint lead manager, bookrunner and underwriter, and generated strong investor demand from shareholders and new investors despite the volatile equity market conditions.
Macquarie introduced an innovative retail broker engagement strategy allowing brokers to bid on behalf of larger professional and sophisticated ‘high net worth’ NAB shareholders who would otherwise be diluted if only participating in the SPP.
Transaction was completed during highly challenging conditions posed by COVID-19, having to navigate significant uncertainty and market volatility
Received significant demand from both domestic and offshore institutional investors with the transaction allocated entirely to existing NAB shareholders2.