ANZ increases capital raising to $1bn

Bank raises initial $750m bookbuild, prices it at 340 basis points above the bank bill rate swap.

Australia and New Zealand Banking Group Ltd has increased its capital notes raising to $1 billion, a week after launching it at $750 million. 

ANZ cited 'strong investor demand' for the raise and has priced the offer, which is open to institutional and retail shareholders, at 340 basis points above the bank bill rate swap (see Philip Bayley's Measuring up the better return: ANZ notes or equity?)

ANZ said the tier one capital raising was part of its ongoing capital management strategy, with the proceeds slated for "general corporate purposes".

The offer opens on Wednesday. 

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