Aust & Nz Banking Group


Aust & Nz Banking Group

Latest price

$ 101.58

  • ASX code
  • Maturity date
  • Capital structure
    Senior Unsecured
  • Coupon type
  • Coupon P.A
    BBSW + .82%
  • Issue Date
  • Next ex. distribution date
  • Next interest payment date
  • Payment frequency


Australia and New Zealand Banking Group Limited

Base Terms

A$ Debt Issuance Programme dated 8 April 2014

Pricing Supplement

Dated April 2015

Nature of the TCDs

Transferable Certificates of Deposit (“TCDs”) constitute senior, direct, unconditional, unsecured and unsubordinated obligations of the Issuer and will rank at least equally with all other unsecured and unsubordinated obligations of the Issuer except liabilities mandatorily preferred by law.  The TCDs do not constitute protected accounts in Australia for the purposes of the Banking Act.

Issue Size


Interest Rate

3 month Bank Bill Rate plus 0.82%, payable in arrears on 17 January, 17 April, 17 July and 17 October in each year, including the Maturity Date. 



Repayment at Par on the Maturity Date

On the Maturity Date, holders are scheduled to receive the Face Value and the final Coupon Payment for the last Interest Period

Key Risks

The value of an investment in the TCDs may fluctuate due to various factors, including investor perceptions, worldwide economic conditions, interest rates, debt market conditions and factors that may affect the Issuer’s financial performance. The following risks may also affect an investment in the TCDs:

  • Lack of liquidity - in the secondary market for the TCDs;
  • Interest rate risks – holders may suffer unforeseen losses due to fluctuations in interest rates;
  • Regulatory risks - The banking industry in Australia is highly regulated, and regulatory changes may adversely impact affect the Issuer’s financial performance;
  • Banking Act – The TCDs constitute direct, unsubordinated and unsecured deposit liabilities of ANZ , ranking pari passu with all other senior, direct, unconditional, unsecured and unsubordinated obligations of ANZ, however, they are not protected accounts within the meaning of the Banking Act 1959, as such there will likely be significant liabilities of ANZ that are likely to be mandatorily preferred liabilities;
  • Litigation risks - Risks relating to litigation and regulatory actions;
  • Operational risks - The risk of loss resulting from inadequate internal processes and controls, people and systems or from external events;
  • Default risk - if an event of default occurs under the TCDs, or the Issuer fails to perform any obligation in relation to the TCDs, such event or failure may impact on the value of an investment in the TCDs, the transferability of the TCDs and the ability of a holder to recover amounts due under the TCDs.

Key Benefits

Key benefits include:

  • interest paid quarterly in arrears;
  • interest paid is floating rate
  • interest paid as 100% cash;
  • interest is not deferrable nor are interest payments discretionary;
  • rank equally with all other senior and unsecured creditors of the Issuer.

Early Redemption by Issuer

Yes, for tax reasons

Events of Default

Events of Default include:

  • Payment Default: Applicable, with a 7 day cure period for principal and interest payments
  • Breach of other obligations: Applicable, with a 30 day cure period;
  • Insolvency / Winding Up: Applicable;
  • Enforcement against assets: Applicable, with a cure period of 45 days.

Coupon Schedule to Maturity

  • 17 January 2017
  • 17 April 2017
  • 17 July 2017
  • 17 October 2017
  • 17 January 2018
  • 17 April 2018
  • 17 July 2018
  • 17 October 2018
  • 17 January 2019
  • 17 April 2019
  • 17 July 2019
  • 17 October 2019
  • 17 January 2020
  • 17 April 2020 - Maturity Date

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