ANZ sets worrying hybrids precedent

ANZ has sent a shiver down the spines of all retail hybrids investors by deferring an issue redemption.

At the end of the week before last, the New Zealand subsidiary of ANZ Bank advised the mostly retail investors who had bought its $NZ835 million of Tier 1 hybrid notes issued in April 2008 that it will not be calling the notes as expected.

The notes will be allowed to run for another five years, at the end of which time a coupon step-up will come into effect if the notes are not called.


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