ANZ Tier 2 subordinated note update
Following on from its initial launch announcement a week ago, ANZ has now updated the market with the news that following strong investor demand for its offer of subordinated notes, the bank will allocate A$1.5 billion under the bookbuild, with the margin for the proposed issue set at 2.75 per cent per annum.
The deal has clearly been well-received by investors, being upsized by an extra $1bn. As NAB’s credit analysts wrote in a note to clients this morning, the deal was originally slated to raise at least $500m and pricing is coming in at the lower end of the 275bps to 300bps indicative range.
The general offer, available to Australian residents only, opens today (21 February 2012).
ANZ said in a statement that a replacement offer document will be lodged with the ASX and will include the margin and revised amount proposed to be raised by ANZ pursuant to the offer.
- Categories
- Capital Markets
- Tags:
- ANZ, subordinated notes
- Author:
- AB+F Online, bkellerman@financialpublications.com.au
- Article Posted:
- February 21, 2012
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