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ANZ CPS Margin Announcement

Australia and New Zealand Banking Group Limited (ANZ) has today announced the Margin for its Offer of Convertible Preference Shares (CPS) following the successful completion of the Bookbuild. 

The Margin for the proposed issue of CPS has been set at 2.50% per annum. Following strong investor demand for CPS under the Bookbuild, ANZ has increased the size of the Offer. ANZ now intends to issue approximately 10 million CPS at an Issue Price of $100 each, to raise $1 billion, with the ability to raise more or less. 


ANZ Group Treasurer Rick Moscati said: “Both retail and institutional investors have responded positively to the Offer and we are pleased with the outcome of the Bookbuild. We believe the increased Offer size and the Margin represents an excellent result for both ANZ and our investors.”


Dividends in respect of CPS are scheduled to be paid quarterly in arrears. The Dividend Rate will be calculated each quarter as the sum of the Bank Bill Rate plus the Margin, together multiplied by (1- corporate tax rate (which is currently 30%)). The Dividend Rate in relation to the first dividend payment (which is scheduled to be made on 15 December 2008) will be determined on the Issue Date (expected to be 30 September 2008). 


The Offer opens today and comprises: 

  • An ANZ Securityholder Offer, open to holders of Ordinary Shares shown on the Register at 5:00pm on 18 August 2008 or holders of ANZ StEPS shown on the Register at 5:00pm on 31 July 2008 (ANZ Securityholders);
  • A General Offer open to Australian and New Zealand residents;
  • A Broker Firm Offer open to clients of a Syndicate Broker invited to participate through the Broker Firm Offer; and
  • An Institutional Offer open to Institutional Investors that have been invited by the Joint Lead Managers to bid for CPS through the Institutional Offer.


A replacement Prospectus (which is attached to this media release) has been lodged with ASIC and includes the Margin and the revised amount proposed to be raised by ANZ pursuant to the Offer. A copy of the Prospectus (including a personalised Application Form for ANZ Securityholders) can be obtained by contacting the ANZ Information Line on 1800 113 399 (Australia), 0800 174 007 (New Zealand) or +61 3 9415 4010 (international).


An electronic version of the Prospectus will be made available at www.anz.com/CPSOffer. The electronic Prospectus will include an Application Form which General Applicants may print, complete and attach their Application Payment to, and send to the Registry in accordance with the instructions on the Application Form. Alternatively, ANZ Securityholder Applicants and General Applicants may view the electronic Prospectus, apply for CPS online and make their Application Payment using BPAY. 


The ANZ Securityholder Offer and General Offer are expected to close at 5:00pm (Melbourne time) on 24 September 2008. The Broker Firm Offer is expected to close at 10:00am (Melbourne time) on 29 September 2008. 


For investor enquiries contact: 


The ANZ Information Line on 1800 113 399 (Australia), 0800 174 007 (New Zealand) or +61 3 9415 4010 (international). 

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