Commentary & Deal Flow

ANZ New Zealand (Int'l) Ltd, acting through its London Branch (ANZNZ) exp A1/AA-/A+ US$ benchmark 144A/Reg S 3-part sr notes (3y FXD and/or FRN due 1/22/29 and 5y FRN due 1/22/31). ANZ/Citi/HSBC/MS/RBC joint books. Guarantor: ANZ Bank New Zealand Limited. Guarantor ratings: A1 Stable / AA- Stable / A+ Stable (Moody’s / S&P / Fitch). SOFR Convention: Compounded daily in arrear & paid quarterly (2-day observation shift, no lockout or payment delay). UOP: gcp. Pricing 1/14. Settle 1/22 (T+5). 144A ISIN: 3y FXD: US00182EBV02, 3y FRN: US00182EBW84, 5y FRN: US00182EBX67. 144A CUSIP: 3y FXD: 00182EBV0, 3y FRN: 00182EBW8, 5y FRN: 00182EBX6.

IPTs: 3y T+75 area and SOFR equiv, 5y SOFR+105 area.

RVSD IPTs: 3y T+70 area and SOFR equiv, 5y SOFR+100 area.