Bond Factsheet
ANZ 5.731% 18Sep2034 Corp (USD)
Australia and New Zealand Banking Group Limited
Indicative
Full Lot
Bid Price 99.597
Change in Bid Price 0.279
Bid Yield (%) 5.880 %
Change in Bid Yield 0.105
Ask Price 99.761
Change in Ask Price 0.294
Ask Yield (%) 5.819 %
Change in Ask Yield 0.110
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
11 Mar 2024
Issue Date
18 Mar 2024
Maturity Date
18 Sep 2034
Years to Maturity / Next Call
7.964 / 2.961
Modified Duration
6.251 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.731
Coupon Type
Variable
Annual Coupon Rate
5.731
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Tier 2
Reference Rate
Reset Date: 18 September 2029
Reset Rate: prevailing 5-Year USD Treasury Rate + Margin (1.618%)
ISIN
USQ0954PVP45
CUSIP
ZD6372779
Bond Currency
USD
Total Issue Size
1,000,000,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 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
Others
Loss Absorption
Conversion or Write-off of Subordinated Notes on Non-Viability of ANZBGL
A “Non-Viability Trigger Event” means the earlier of:
(a) the issuance to ANZBGL of a written determination from APRA that conversion or write-off of Relevant Securities is necessary because, without it, APRA considers that ANZBGL would become non-viable; or
(b) a determination by APRA, notified to ANZBGL in writing, that without a public sector injection of capital, or equivalent support, ANZBGL would become non-viable,
each such determination being a “Non-Viability Determination”.
The applicable Pricing Supplement will specify whether the “Conversion Option” described below or the “Write-Off Option” described below applies to the Subordinated Notes to which it relates.
In your capacity as a holder of Subordinated Notes, you will have no rights to the ordinary shares of ANZBGL upon such Conversion of Subordinated Notes. For further information on Ordinary Shares, see “Description of the Ordinary Shares to be Issued upon Conversion of Subordinated Notes that are Subject to Conversion”.
Conversion Option
(a) If a Non-Viability Trigger Event occurs:
(i) on the Trigger Event Date, subject only to Section (e) below, such principal amount of the Subordinated Notes will immediately Convert as is required by the Non-Viability Determination provided that:
(A) where the Non-Viability Trigger Event occurs under limb (a) of the definition and such Non-Viability Determination does not require all Relevant Securities to be converted into Ordinary Shares or written-off, such principal amount of the Subordinated Notes shall Convert as is sufficient (determined by ANZBGL in accordance with subsection (a)(ii) below) to satisfy APRA that ANZBGL is viable without further conversion or write-off; and
(B) where the Non-Viability Trigger Event occurs under limb (b) of the definition, all the principal amount of the Subordinated Notes will immediately Convert;
(ii) ANZBGL will determine the principal amount of Subordinated Notes which must be Converted in accordance with subsection (a)(i)(A) under this section titled “Conversion Option,” on the following basis:
(A) first, convert into Ordinary Shares or write-off all Relevant Tier 1 Securities; and
(B) secondly, if conversion into Ordinary Shares or write-off of all Relevant Tier 1 Securities is not sufficient to satisfy the requirements of subsection (a)(i)(A) above (and provided that as a result of the conversion or write-off of Relevant Tier 1 Securities APRA has not withdrawn the Non-Viability Determination), Convert a principal amount of Subordinated Notes and Convert into Ordinary Shares or Write-Off a number or principal amount of other Relevant Tier 2 Securities on an approximately pro-rata basis or in a manner that is otherwise, in the opinion of ANZBGL, fair and reasonable (subject to such adjustment as ANZBGL may determine to take into account the effect on marketable parcels and the need to round to whole numbers the number of Ordinary Shares and the authorized denominations of the principal amount of any Subordinated Notes or the number or principal amount of other Relevant Tier 2 Securities remaining on issue, and the need to effect the conversion immediately) and, for the purposes of the foregoing, where the specified currency of the principal amount of Relevant Tier 2 Securities is not the same for all Relevant Tier 2 Securities, ANZBGL may treat them as if converted into a single currency of ANZBGL’s choice at such rate of exchange as ANZBGL in good faith considers reasonable,
provided that such determination does not impede or delay the immediate Conversion of the relevant principal amount of Subordinated Notes;
Issuer Call
Notwithstanding anything to the contrary in this Offering Memorandum, we may not redeem or repurchase any Subordinated Notes prior to their stated maturity without the prior written approval of APRA.
However, subject to obtaining APRA’s prior written approval, we (or any of our Related Entities) may, to the extent permitted by applicable laws and regulations, purchase your Note at any time in the open market or otherwise.
“Related Entity” has the meaning given by APRA from time to time. As of the date of this Offering Memorandum, a related entity is one over which an ADI or parent entity exercises control or significant influence and can include a parent company, a sister company, a subsidiary or any other affiliate.
Investors in Subordinated Notes should not expect that APRA’s approval will be given for any redemption or purchase of a Subordinated Note.
Additionally, ANZBGL will not be permitted to redeem any Subordinated Notes unless:
(a) the Subordinated Notes are replaced concurrently or beforehand with Regulatory Capital of the same or better quality and the replacement of the Subordinated Notes is done under conditions that are suitable for ANZBGL’s income capacity; or
(b) APRA is satisfied that ANZBGL’s capital position at Level 1, Level 2 and, if applicable, Level 3 is well above its minimum capital requirements after ANZBGL elects to redeem the Subordinated Notes.
“Regulatory Capital” means a Tier 1 Capital Security or a Tier 2 Capital Security.
Call Date: September 18, 2029
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