Shaw and Partners is pleased to be appointed as Joint Lead Manager to the ANZ Capital Notes 8 offer.

Australia and New Zealand Banking Group (ASX: ANZ) has today launched an offer for ANZ Capital Notes (expected ASX Code: AN3PK), to raise $1 billion, with the ability to raise more or less. Capital Notes 8 have an Initial Face Value of A$100 and will qualify as Tier 1 Capital of ANZ. These securities are structured as perpetual, subordinated, unsecured and convertible notes.

Distributions are discretionary, non-cumulative, floating rate and expected to be fully franked, paid on a quarterly basis in arrears until converted or redeemed.

The $1bn offer comprises:

• A Reinvestment Offer (under which eligible ANZ Capital Notes 3 (AN3PF) Holders may apply through a syndicate broker to reinvest some or all of their redemption proceeds into ANZ Capital Notes 8); and
•  A New Money Offer via a syndicate broker. The margin is expected to be between 2.75% and 3.00% pa and will be determined through the Bookbuild.
• An Institutional Offer

Quarterly Distributions with the first distribution scheduled to be paid on 20 June 2023.

ANZ Capital Notes 8 are callable at ANZ’s option on 20 March 2030, 20 June 2030 and 20 September 2030 (first approximately 7 years), or following a Tax or Regulatory Event. ANZ Capital Notes 8 will mandatorily convert into ordinary shares on 20 September 2032 (subject to certain conditions), unless they are converted, redeemed, or resold earlier.

ANZ has made a Target Market Determination for ANZ Capital Notes 8 in accordance with its obligations under the design and distribution obligations legislation. The Target Market Determination describes, among other things, the class of retail investors that comprise the target market for ANZ Capital Notes 8.

For more information please contact your Shaw and Partners adviser.