No fizz with ANZ’s new hybrid

Co-founder of the Switzer Report
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Key points

  •  ANZ is issuing ANZ Capital Notes 3, the third in a series.
  • The issue will have a fixed margin of 3.6% over the 180-day bank bill rate.
  • ANZ Capital Notes 1, were trading on Friday at an effective spread of 3.76% (price of $100.80), while the second series ANZPE, were trading at an effective spread of 3.69% (price of $99.94).

 

Although I am a fan of the hybrid securities market, I can’t get that excited about ANZ’s new issue of capital notes. The third in the series, ANZ Capital Notes 3 has been priced at a fixed margin of 3.60% over the 180-day bank bill rate.

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