ANZ has launched an additional tier one (AT1) capital hybrid – called ANZ Capital Notes 4 (ASX: ANZPG) – that is something of a first for the Aussie primary market and actually looks quite cheap relative to the secondary market curve.
This follows on from the stunning success of ANZ's landmark $US1 billion hybrid, which was issued in June at $100 and is lavishing 10 per cent capital gains on investors (with secondary bids around $110).
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Christopher Joye is a portfolio manager with Coolabah Capital, which invests in securities, including those discussed in his column. Connect with Christopher on Twitter.
