- 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.