ANZ Bank has today launched its Additional Tier 1 capital security offer, ANZ Capital Notes 9, seeking to raise around $1 billion.
At the same time, ANZ also announced that it will redeem ANZ Capital Notes 4 on 20 March 2024. Eligible Capital Notes 4 holders may apply to reinvest some or all of their proceeds in ANZ Capital Notes 9.
The margin will be determined under the bookbuild scheduled for 21 February and is expected to be in the range of 290-310bp above the 3-month BBSW.
The offer is expected to open on 22 February 2024. The expected issue date is 20 March 2024 with the first optional exchange date of 20 March 2031.
Also read: ANZ To Launch $1bn Plus Hybrid Offer
The lead managers are: ANZ, Bell Potter, Commonwealth Bank of Australia, E&P Corporate Advisory, Morgan Stanley, Morgans Financial, National Australia Bank, Ord Minnett, Shaw and Partners, UBS, and Westpac Institutional Bank. LGT Crestone Wealth Management is co-manager.
Westpac was the last of the big banks in 2023 to raise capital in a hybrid issue raising $1.75 billion with the margin set at 3.10% per annum above the 3-month BBSW.
