ANZ raises $3bn

ANZ's placement and share purchase plan shouldn't be as bad for retail investors as it first appears.

Back on 20 July, when APRA raised capital adequacy requirements for banks’ mortgage exposures from around 15% to 25%, ANZ commented that it would have to allocate about $2.3bn of additional capital to its mortgage lending book. It now looks like it must have set about finding the extra money almost immediately, resulting in today’s $2.5bn institutional placement. A $500m share purchase plan ($15,000 per retail shareholder) will follow to give a total capital raising of $3bn.

The board thinks this is preferable to underwriting the dividend reinvestment plan (DRP) on all or part of its $5bn or so in annual dividends, and on balance we probably agree – but only as the lesser of two evils.



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