Convertibles Calendar

International Convertibles Calendar

FEBRUARY 21

NATIONAL AUSTRALIA BANK LTD. (Australia: NAB): A$750 million of mandatorily convertible preference shares; A$100 par; to yield 320 bps to 340 bps over the bank bill rate; Regulation S; may be converted or redeemed March 20, 2019 and will be mandatorily convertible on March 22, 2021; no puts; joint lead managers are National Australia Bank (arranger), Commonwealth Bank of Australia, Deutsche Bank, Evan & Partners, JPMorgan, RBS Morgans and UBS; Bell Potter, JBWere, Ord Minnett and Morgan Stanley Wealth Management are co-managers; proceeds for general corporate purposes; listing seen in Australia; Melbourne-based national lender.

ON THE HORIZON

ASIA CEMENT CORP. (Taiwan: 1102): less than $300 million of euro convertible bonds; tentatively set 0% coupon and five-year maturity; proceeds to repay loans, to purchase overseas raw materials and for operating capital; Taipei, Taiwan, cement producer.

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