By Cristal Cody
Chicago, Nov. 29 – Australia and New Zealand Banking Group Ltd. priced a two-part offering for $2.5 billion on Tuesday, according to a market source with knowledge of the deal.
The bank priced $1.25 billion of 5.088% notes with a three-year tenor at a spread of 85 basis points to Treasuries. Initial price talk had the notes coming in the 110 bps area.
A second tranche priced as $1.25 billion of 6.742% tier 2 subordinated notes with a 10-year tenor. The notes priced at Treasuries plus 300 bps, against talk in the 330 bps area.
ANZ Bank, BofA Securities, Citigroup, Goldman Sachs and TD are the bookrunners.
The financial services company is based in Melbourne.
| Issuer: | Australia and New Zealand Banking Group Ltd.
|
| Amount: | $2.5 billion
|
| Bookrunners: | ANZ Bank, BofA Securities, Citigroup, Goldman Sachs and TD
|
| Trade date: | Nov. 29
|
|
|
| Three-year notes
|
| Amount: | $1.25 billion
|
| Issue: | Notes
|
| Maturity: | Dec. 8, 2025
|
| Coupon: | 5.088%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 110 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Issue: | Tier 2 subordinated notes
|
| Maturity: | Dec. 8, 2032
|
| Coupon: | 6.742%
|
| Spread: | Treasuries plus 300 bps
|
| Price talk: | Treasuries plus 330 bps area
|
|
|
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