Australia and New Zealand Banking Group has launched the 10-year tier 2 wholesale subordinated debt deal that it sounded investors for yesterday.
ANZ Bank’s waited until RBA’s interest rate decision on Tuesday to flash its intent to launch a tier 2 debt deal on Tuesday.Initial price guidance was for 280bps above swaps, in line with the margins that National Australia Bank’s similar transaction fetched last week.The notes were expected to be rated Baa1 by Moody’s, BBB+ by SInvestors would be watching for the floating rate and fixed rate split in the deal.
Last week, NAB’s subordinated debt transaction raised $1.25 billion across $250 million in floating rate notes and $1 billion in fixed rate notes. It was 80 per cent weighted towards fixed-rate buyers, which some reckon is a record, as investors sought to take advantage of the market’s hawkish expectation of future cash rate rises.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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