ANZ’s Subordinated Note offer

ANZ is back at the trough with something better than CPS3. But is it good enough to recommend?

The race is on. After several income security issues late last year, companies seeking capital have learned where to find it.

In the past week alone, Tabcorp, Colonial Group (review due very shortly) and now ANZ have announced subordinated note offers. Westpac is issuing preference shares, which we’ll also review this week.

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