By Rebecca Melvin
New York, Dec. 17 - Australia and New Zealand Banking Group Ltd. said Thursday it sold about A$2 billion of convertible preferred shares at par of A$100 to yield a dividend initially of 5.0225%, based on the current bank bill rate and a margin of 310 basis points.
Through the offer, about 19.7 million preference shares have been issued, raising ANZ's September pro forma tier 1 capital ratio to 10%.
The issue date VWAP is A$21.8002, and the maximum conversion rate is 9.1742 ANZ ordinary shares per convertible preferred.
The convertibles are being listed on the Australian Securities Exchange under the code ANZPA.
ANZ is a financial services company based in Melbourne, Australia.
| Issuer: | Australia and New Zealand Banking Group Ltd.
|
| Issue: | Floating-rate convertible preferred shares
|
| Amount: | A$2 billion
|
| Dividend: | 5.0225%
|
| Price: | Par, of A$100
|
| Yield: | Bank bill rate plus 310 bps
|
| Maximum conversion: | 9.1742
|
| Issue date: | Dec. 17
|
| Trade date: | Dec. 18
|
| Stock listing: | Australia: ANZPA
|
| Stock reference VWAP: | A$21.8002
|
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