By Cristal Cody
Tupelo, Miss., Jan. 14 – Australia and New Zealand Banking Group, Ltd. priced $1.25 billion of 2.95% fixed-to-floating rate subordinated notes due July 22, 2030 (Baa1/BBB+/A+) on Tuesday at a Treasuries plus 133 basis points spread, according to a market source.
Guidance was in the Treasuries plus 135 bps area, tighter than initial revised price talk in the 150 bps spread area and initial talk in the 160 bps area.
The notes will reset to a floating rate of Libor plus 128.8 bps after the initial fixed-rate period.
ANZ Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
The financial services company is based in Melbourne.
| Issuer: | Australia and New Zealand Banking Group, Ltd.
|
| Amount: | $1.25 billion
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Maturity: | July 22, 2030
|
| Bookrunners: | ANZ Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Coupon: | 2.95%; resets after initial fixed-rate period to Libor plus 128.8 bps
|
| Spread: | Treasuries plus 133 bps
|
| Trade date: | Jan. 14
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A+
|
| Price guidance: | Treasuries plus 135 bps area, plus or minus 2 bps; initial talk at Treasuries plus 150 bps area and 160 bps area
|
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