Lower ranking? I thought both are at subordinated level? Both are T2 issuance as far as I'm aware.
Margins have tightened a lot in the secondary markets (OTC wholesale). However, for an ASX Listed Bond, fair value would be around +250 mark. This is printing in the range of +220-230. I agree this is slightly undervalued. Not to mention the fact this is 11.5 years and callable in 6.5 years (increasing default risk and equity conversion under non-viability clause). They should have made this 10 non-call 5 years if they were going to print at this margin.
Lower ranking? I thought both are at subordinated level? Both...
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Last
$38.70 |
Change
0.400(1.04%) |
Mkt cap ! $118.9B | |||
| Open | High | Low | Value | Volume |
| $38.58 | $38.85 | $38.42 | $116.7M | 3.020M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 7249 | $38.69 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $38.78 | 5866 | 1 |
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| Last trade - 16.10pm 14/11/2024 (20 minute delay) ? |
| NAB (ASX) Chart |