Australia and New Zealand Banking corporation is rounding up investors for a 10-year tier 2 debt wholesale subordinated deal.
ANZ Bank’s priced waited until RBA’s interest rate decision to flash its intent to launch a tier 2 debt deal on Tuesday.ANZ told investors to expect an Australian dollar denominated transaction, with a 10-year term and five-year no call provisions. It would be fixed to floating rate or floating rate.Reserve Bank of Australia’s interest rate decisionIt follows a similar transaction from National Australia Bank last week, which ended up taking $1.
The floating rate slice priced at 280bps above the three-month bank bill swap rate, while the fixed rate component priced at 280bps above SQ ASW. The NAB deal 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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