Bond Factsheet
ANZ 5.673% 23Feb2037 Corp (AUD)
Australia and New Zealand Banking Group Limited
Indicative
Full Lot
Bid Price 96.489
Change in Bid Price 0.488
Bid Yield (%) 6.270 %
Change in Bid Yield 0.068
Ask Price 96.753
Change in Ask Price 0.490
Ask Yield (%) 6.235 %
Change in Ask Yield 0.068
Indicative price as of 02 Oct 2026, 4:33pm
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
13 Feb 2026
Issue Date
23 Feb 2026
Maturity Date
23 Feb 2037
Years to Maturity / Next Call
10.400 / 5.394
Modified Duration
7.632 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.673
Coupon Type
Variable
Annual Coupon Rate
5.673
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 23 February 2032
Reset Rate: ASX Australian Bank Bill Short Term Rates 3 Month Mid+ Initial Spread (1.250%)
ISIN
AU3CB0331619
CUSIP
DF3156372
Bond Currency
AUD
Total Issue Size
275,000,000
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
Conversion or Write-Off of Subordinated Notes on a Non-Viability Trigger Event
Subordinated Notes will be mandatorily Converted into ANZGHL Ordinary Shares or Written-Off (as specified in the relevant Pricing Supplement and as further described below) where APRA determines that (1) such Conversion or Write-Off is necessary because, without it, the Issuer would become non-viable; or (2) without a public sector injection of capital or equivalent support, the Issuer would become non-viable.
If the Pricing Supplement specifies Conversion but, for any reason, the Subordinated Notes have not been Converted within five Business Days after the Trigger Event Date, the principal amount of such Subordinated Note will not be Converted and instead will be Written-Off with effect on and from the Trigger Event Date.
If a Subordinated Note of a Subordinated Noteholder is Written-Off, the Subordinated Noteholder’s rights under that Subordinated Note are immediately and irrevocably terminated for no consideration and the Subordinated Noteholder will suffer a total loss of their investment as a consequence.
In the event that a Non-Viability Trigger Event occurs, the Deed of Undertaking governs the obligations of ANZGHL to issue any ANZGHL Ordinary Shares to be issued by ANZGHL upon Conversion of Subordinated Notes.
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”.
Bail-in
The circumstances under which APRA would determine that the Issuer is non-viable are uncertain
A Non-Viability Trigger Event could occur at any time.
It is a requirement under APRA’s prudential standards that any term subordinated debt, in order to be eligible for inclusion as regulatory capital, contain provisions for conversion or write-off in the event of non-viability. Whether the Issuer is non-viable is determined by APRA. The prudential standards do not define non-viability and APRA has not provided specific guidance on how it would determine non-viability. Non-viability could be expected to include a serious impairment of the Issuer’s financial position. However, it is possible that APRA’s view of non-viability may not be confined to solvency or capital measures and APRA’s position on these matters may change over time. APRA has indicated that non-viability is likely to arise prior to the insolvency of an authorised deposit-taking institution. Non-viability may be significantly impacted by a number of factors, including factors which impact the business, operation and financial condition of the Issuer, such as systemic and non-systemic macro-economic, environmental and operational factors.
Issuer Call
The Optional Redemption Dates are: the Interest Payment Date scheduled to fall on [TBD] February 2032 (“First Optional Redemption Date”); and every Interest Payment Date thereafter up to (but excluding) the Maturity Date.
Additional Note
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 Note) or on any Interest Payment Date (in the case of a Subordinated Note that is a Floating Rate Note) and subject to Condition 6.10 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.
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