Australia and New Zealand Banking Group Ltd has launched a $750 million raising through a capital notes issue, ahead of a rival debt issue by Westpac Banking Corporation Ltd set for Monday.
ANZ said the tier one capital raising was part of its ongoing capital management strategy, with the proceeds slated for "general corporate purposes".
The bank has priced the offer, which is open to institutional and retail shareholders, at between 340 and 360 basis points above the bank bill rate swap.
ANZ said it could alter the size of the offer.
The offer is expected to open on 10 July.