National Australia Bank earns $387mln from bond issue

Lender’s sixth Maple bond issue surpassed the $194mln target earnings.

National Australia Bank raised C$400 million (US$387.16 million) from an issue of 5-year Maple bonds, pricing the offering at 165 basis points over the relevant benchmark for a yield of 4.191%, according to a person familiar with the offering.

The bank had aimed to raise at least C$250 million (US$193.58 million) from the issue. The bonds carry a coupon of 4.19%.

A Maple bond is one issued by a foreign company in Canadian dollars. The Maple bond market has been slow in the last couple of months, but it's still relatively strong compared with last year's relative inactivity.

View the full story in the Wall Street Journal.