Financial Services

Executing Australia’s largest ever placement and share purchase plan during the COVID-19 pandemic

Executing NAB’s $A3 billion institutional placement and $A1.25 billion share purchase plan (SPP)

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Sector Financial Services
Sub-sector Banking
Location Australia

Opportunity

In light of the uncertain economic outlook caused by the COVID-19 pandemic, NAB took proactive steps to build capital via an equity raising and a reduction in its interim dividend.

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.

Approach

NAB’s $A3 billion placement and $A1.25 billion SPP is the largest placement and SPP undertaken in Australian corporate history, with Macquarie Capital using its balance sheet to deliver a successful equity raising during the COVID-19 crisis1.

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.

Outcome

The transaction was highly successful and was entirely allocated to NAB shareholders.

Largest ever ASX placement and SPP1

in Australian corporate history

Supporting our clients

Transaction was completed during highly challenging conditions posed by COVID-19, having to navigate significant uncertainty and market volatility

Strong shareholder support

Received significant demand from both domestic and offshore institutional investors with the transaction allocated entirely to existing NAB shareholders2.

1.Dealogic and company announcements.
2.NAB announcements.

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