ANZ's landmark US dollar hybrid deal, the first of its kind launched by an Australian bank in nearly a decade, attracted an extraordinary US$18 billion ($24 billion) of demand at very tight spreads in the book-build from global investors overnight.

Deal participants described demand as "massive" with ANZ only printing US$1 billion of the perpetual "additional tier one capital" (AT1) securities, which contribute to ANZ's tier one equity capital ratio. Tier one capital is made up of ordinary common equity capital and AT1 hybrids.