Bond Factsheet
ANZ 6.736% 10Feb2038 Corp (AUD)
Australia and New Zealand Banking Group Limited
Indicative
Full Lot
Bid Price 100.828
Change in Bid Price 0.344
Bid Yield (%) 6.572 %
Change in Bid Yield 0.067
Ask Price 101.043
Change in Ask Price 0.341
Ask Yield (%) 6.530 %
Change in Ask Yield 0.066
Indicative price as of 06 Oct 2026, 4:04pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Australia and New Zealand Banking Group Limited
Guarantor
-
Announcement Date
06 Feb 2023
Issue Date
10 Feb 2023
Maturity Date
10 Feb 2038
Years to Maturity / Next Call
11.354 / 6.351
Modified Duration
7.734 @ 06 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.736
Coupon Type
Variable
Annual Coupon Rate
6.736
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 10 Feb 2033 and every quarter thereafter
Reset Rate: 3 month ASX Aus Bank Bill Short Term Rate + Margin (2.800%)
ISIN
AU3CB0296671
CUSIP
ZM8842589
Bond Currency
AUD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
AUD 1,000
Incremental Quantity (Nominal)
AUD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ A-
Shariah Compliant
No
Exchange Listed
No
Loss Absorption
The Subordinated Notes are subject to mandatory Conversion into Ordinary Shares of ANZ NOHC if a Non-Viability Trigger Event occurs. If Conversion has not been effected within five Business Days after the Non-Viability Trigger Event for any reason, the Subordinated Notes will be Written-Off in accordance with the conditions described in the Information Memorandum.
Ordinary Share shall mean:
(a) in respect of a Subordinated Note to which Schedule A applies, a fully paid ordinary share in the capital of the Issuer;
(b) in respect of a Subordinated Note to which Schedule B applies, a fully paid ordinary share in the capital of ANZ NOHC, subject to Section 12(b) of Schedule B to these Conditions.
ANZ NOHC means ANZ Group Holdings Limited (ACN 659 510 791).
Conversion or Write-Off of Subordinated Notes on Non-Viability Trigger Event
Application to Subordinated Notes only
(a) Conditions 7, 8 and 9 apply only to Subordinated Notes. Schedule A and Schedule B to these Conditions (including the defined terms contained in the relevant Schedule) shall be deemed to form part of, and be incorporated in, Conditions 7 and 8.
Non-Viability Trigger Event
A “Non-Viability Trigger Event” means the earlier of:
(a) the issuance to the Issuer of a written determination from APRA that conversion or write-off of Relevant Securities is necessary because, without it, APRA considers that the Issuer would become non-viable; or
(b) a determination by APRA, notified to the Issuer in writing, that without a public sector injection of capital, or equivalent support, the Issuer would become non-viable, each such determination being a “Non-Viability Determination”.
9. Write-Off of Subordinated Notes
9.1 Write-Off of Subordinated Notes on Trigger Event Date
If "Write-Off – Applicable" is specified in the relevant Pricing Supplement, Condition 9 shall apply to the Subordinated Notes and on the Trigger Event Date the rights of the Subordinated Noteholder of the relevant Subordinated Notes in relation to the relevant Principal Amount (as determined under Condition 7.3) of the Subordinated Notes are Written-Off (as that term is defined for the purposes of Condition 9).
Each Subordinated Noteholder irrevocably acknowledges and agrees that no conditions or events will affect the operation of this Condition 9 and such Subordinated Noteholder will not have any rights to vote in respect of any Write-Off under this Condition 9.1.
Meaning of “Written-Off”
For the purposes of this Condition 9, “Written-Off” shall mean that, in respect of a Subordinated Note or portion thereof and a Trigger Event Date, the rights of the relevant Subordinated Noteholder (including any right to receive any payment thereunder including payments of principal and interest both in the future and accrued but unpaid as at the Trigger Event Date) in relation to such Subordinated Note or portion thereof are immediately and irrevocably terminated and written-off,
and “Write-Off” has a corresponding meaning.
Issuer Call
The Optional Redemption Dates are:
(a) the Interest Payment Date scheduled to fall on 10 February 2033; and
(b) every Interest Payment Date thereafter up to (but excluding) the Final Maturity Date.
Any early redemption of the Subordinated Notes is subject to the prior written approval of APRA. Subordinated Noteholders should not expect that APRA’s approval will be given for any redemption of Subordinated Notes.
Redemption of Subordinated Notes for regulatory reasons
If specified in the relevant Pricing Supplement, if a Regulatory Event occurs, the Issuer may at its option, at any time (if the Subordinated Note is not a Floating Rate Security) or on any Interest Payment Date (in the case of a Subordinated Note that is a Floating Rate Security) and subject to Condition 6.9 on giving not more than 60 nor less than 30 days’ notice to the Subordinated Noteholders of the relevant Series (which notice shall be irrevocable) redeem all, but not some only, of the Subordinated Notes of the relevant Series at their Early Redemption Amount together with interest accrued to the date fixed for redemption. Prior to the publication of any notice of redemption pursuant to this Condition 6.3, the Issuer shall deliver to the Registrar a certificate signed by two persons each of whom is either a Director, a Senior Executive or an authorised representative (or equivalent status) of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of the facts showing that the conditions precedent to the right of the Issuer so to redeem have occurred.
For the purposes of this Condition, “Regulatory Event” means the receipt by the directors of the Issuer of:
(a) an opinion from a reputable legal counsel that as a result of any amendment to, clarification of or change (including any announcement of a change that has been or will be introduced) in, any law or regulation of Australia, or any official administrative pronouncement or action or judicial decision interpreting or applying such laws or regulations, which amendment, clarification or change is effective, or pronouncement, action or decision is announced, after the Issue Date; or
(b) an official written statement from APRA, that, in each case,
the Issuer is not or will not be entitled to treat all Subordinated Notes of a Series as Tier 2 Capital, provided that, in each case, on the Issue Date of the Subordinated Notes, the Issuer did not expect that matters giving rise to the Regulatory Event would occur.
Conditions to redemption for Subordinated Notes
Without limiting Condition 6.9, the Issuer will not be permitted to redeem any Subordinated Note unless the Subordinated Note is replaced concurrently or beforehand with Regulatory Capital of the same or better quality and the replacement of the Subordinated Note is done under conditions that are sustainable for the Issuer’s income capacity or APRA is satisfied that the Issuer’s capital position at Level 1, Level 2 and, if applicable, Level 3 is well above its minimum capital requirements after the Issuer elects to redeem the Subordinated Note.
Additional Note
8.1 Conversion of Subordinated Notes on Trigger Event Date
Unless "Write-Off – Applicable" is specified in the relevant Pricing Supplement, Condition 8 shall apply to the Subordinated Notes and, notwithstanding any other provision in these Conditions, on the Trigger Event Date the relevant Principal Amount (as determined under Condition 7.3) of the Subordinated Notes will Convert immediately and irrevocably.
On and from the Trigger Event Date, subject to Conditions 8.5 and 8.6(c)(iii), the Issuer or ANZ NOHC (as applicable) shall treat any Subordinated Noteholder of any Subordinated Note or portion thereof which is required to be Converted as the holder of the relevant number of Ordinary Shares and will take all such steps, including updating any register, required to record the Conversion and the issuance of such Ordinary Shares.
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