ANZ’s ANZPF securities (the Capital Notes 3) are the only big bank ASX-listed hybrid due to mature in the near term – which is the best leading indicator for deals in the pipeline.
The big banks are the busiest ASX-listed hybrid issuers, and tend to base their new deals around maturities of existing notes. True to form, ANZ’s upcoming notes will include a reinvestment offer for owners of the old ANZPFs.
ANZ’s syndicate includes the bank’s own desk, rivals Commonwealth Bank of Australia and Westpac, E&P Corporate Advisory, Morgan Stanley, Morgans, Ord Minnett, Shaw and Partners and UBS. The co-leads are Bell Potter and Crestone.
The last time ANZ went to market with a capital notes deal was in February 2022, when it picked up $1.28 billion at 2.7 per cent above swaps.