National Australia Bank has tapped a 2026 note program to issue A$150 million of subordinated fixed-rated notes and $650 million of subordinated floating rate notes. The fixed rate notes have a four per cent interest rate and the floating rate notes have a margin of 240 basis points. The maturity date is September 2026 and there is an early redemption date of September 2021. The notes will convert to fully paid ordinary shares if APRA determines the bank is non-viable. Pepper Group has appointed Mario Rehayem to the newly created role of managing director, Australian mortgages and personal loans. The company said in a media release that the appointment reflected its growth in mortgage and consumer lending. Rehayem has been the director of sales and distribution for the Australian mortgage business since 2011. Maleny Credit Union, whose members rejected a merger offer from CUA a few years ago, held a public meeting last week to discuss how it is to become a twenty-first century business, the Sunshine Coast Daily reports. Maleny CU chief executive Bob Malcolm said the mutual, which has 3800 members, needed to consider an "alternative model". No reports of the new model have emerged yet. MyState Bank has raised A$10 million through an issue of ten-year tier two subordinated notes. The floating rate notes will pay a margin of 425 basis points over the three-month bank bill swap rate. The issuer has an option to redeem in September 2021. The notes will convert to fully paid ordinary shares if APRA determines the bank is non-viable.