Measuring up the better return: ANZ notes or equity?

ANZ's capital notes offer is less attractive than shares.

ANZ announced a minimum $750 million capital note issue, last week. The announcement came in the week that Westpac had been expected to announce a similarly-sized subordinated note issue.

Westpac’s subordinated note launch is now expected this week but is going to have to run the gauntlet thrown down by ANZ. The expected pricing of the two issues is quite different but then so is the risk profile of the instruments involved.

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