ANZ upsizes capital notes 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.