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ANZ issues US$1.25B of subordinated notes

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ANZ issues US$1.25B of subordinated notes

Australia & New Zealand Banking Group Ltd. issued US$1.25 billion of fixed-rate subordinated notes due July 22, 2030.

The subordinated notes convert into fully paid ordinary shares where the Australian Prudential Regulation Authority determines this to be necessary on the grounds that the issuer would otherwise become nonviable.

If the nonviability trigger event occurs, the number of ordinary shares issued on conversion is limited to the maximum conversion number of 57,903.8796 ordinary shares per subordinated note with a nominal value of US$200,000, the bank said.

ANZ Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as offering agents.