NAB Target Price $34 by June 2020, page-226

Street Talk
Morgan Stanley underwriting NAB's DRP
Sarah Thompson, Anthony Macdonald and Tim Boyd
Nov 7, 2019 — 8.53am

Morgan Stanley has been tapped by National Australia Bank to underwrite its dividend reinvestment plan but won't earn a fee for its trouble.

NAB entered an agreement with the broker to underwrite the DRP on the final dividend up to an amount of $700 million but said no fee would be paid in connection with the underwriting.
The last election date for the DRP will be 5pm Monday, November 18.
A discount of 1.5 per cent will be applied to the volume weighted average price of NAB shares sold over a 16 day period to determine the DRP price.
There is no limit on the number of shares that may participate in the DRP.
While Morgan Stanley earns no fee, underwriting the DRP does count towards the closely watched equity capital market league tables.
On Dealogic's table for 2019, Citi's $US696 million underwrite for NAB is the year's third largest transaction after Westpac's institutional placement and the Ramsay Health Care block trade handled by JPMorgan and UBS.



So MS did the underwriting to get "kudos" points on the league tables, regardless of their opinion on NAB. Though I think you said I was going to join your "unseen", so you might not see this post.