Australia & New Zealand Banking Group (ANZ) is planning to raise $780 million through a hybrid capital issue, The Wall Street Journal reports. ANZ Securities, Commonwealth Bank of Australia, Goldman Sachs, Macquarie, RBS and UBS will be joint lead managers for the offering.
The offering will help the bank to pay down debt. The preference shares, to be known as CPS3, will convert into the Melbourne-based company’s ordinary shares on Sept. 1, 2019, unless they are exchanged earlier.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from The Sydney Morning Herald.