Tightening goes on in NAB senior deal and Westpac covered

Having widened to record levels for deals priced at the beginning of 2012, primary market margins for Australian banks have in the past week continued their tightening bias in both on- and offshore markets. The most recent benchmark trades are National Australia Bank (NAB)'s senior unsecured – the first of the year in the domestic market from a big four bank – and Westpac Banking Corporation (Westpac)'s euro covered bond debut.