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ANZ undertakes $1.5bn Capital Notes 8 issue

Banking giant ANZ has completed its offer of Capital Notes 8 (CN8), the proceedings for which will be used to refinance CN3 and for general corporate purposes.

user iconJerome Doraisamy 09 March 2023 Big Law
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Firm: Herbert Smith Freehills (joint lead managers); King & Wood Mallesons (ANZ)

Deal: CN8, which will constitute Additional Tier 1 capital under Australian Prudential Regulation Authority standards, are mandatorily convertible subordinated perpetual securities issued by ANZ, HSF said in a statement.


“The offer also involved a reinvestment offer under which eligible holders of ANZ Capital Notes 3 (CN3) could reinvest some or all of their CN2 into CN8.”

Area: Equity capital markets

Value: $1.5 billion

Key players: The HSF team was led by partners Philippa Stone and Fiona Smedley, who were supported by solicitors Adrian Palladino, David Tilley and Helen Zhang, as well as graduate Nicole Sung.

Deal significance: Ms Stone said: “We are delighted to have again acted for the joint lead manager syndicate on another successful ANZ notes transaction.”