ANZ opts for issue of reset prefs

ANZ Bank will offer reset preferred securities to Australian investors, to replace about $US775 million in preference shares issued to US investors five years ago. The bank will hold a shareholders' meeting in Melbourne on August 13 to approve the new issue, then lodge a prospectus.
ANZ did not disclose the size of the issue, but it could potentially issue $1 billion of the resets, which would be listed on the Australian Stock Exchange.
The issue comes as two tranches of the old redeemable preference shares approach call dates, enabling ANZ to redeem them after five years. The preference shares pay yields of about 8 per cent and mature in 2048.

Advertisement