ANZ upsizes capital notes offer

Lender raises $1.61bn of additional Tier 1 capital on completion of offer.

Australia and New Zealand Banking Group has completed and upsized its capital notes offer, raising $1.61 billion of additional Tier 1 capital, prior to offer expenses.

The lender issued 16.1 million notes at $100 each, with a scale back applied to applicants under the broker firm offer and the institutional offer.

The notes have a first distribution rate of 4.186%, being a margin of 3.25% above the 180 day bank bill rate, multiplied by 1 minus the 30% tax rate.

The distribution rate for the notes will be reset half yearly in future.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free