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Commentary & Deal Flow

by Oleksandr Vynychuk

Jul 17, 2026 9:21 AM ET

PRICED: Australia and New Zealand Banking Group £1.25bn 3.75yr CB; SONIA+50bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Guidance	Spread	GDNC-PXD
Australia and New Zealand Banking Group	3.75yr	SONIA+50	24-Apr-30	£1.25bn	CB	Floating	100	SONIA+55a	SONIA+50	-5

Reoffer: 3.75yr: SONIA+50bp / 100

Final Books >£2.4bn (pre-rec)

Launched: 3.75yr: £1.25bn @ SONIA+50bp - Orderbook >£2.3bn (pre-rec)
Spread set at: 3.75yr: SONIA+50bp - Orderbook >£2.4bn (pre-rec)
Guidance: 3.75yr: SONIA+55a - Books above £2bn

Issuer: Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (“Issuer”)
Issuer LEI: JHE42UYNWWTJB8YTTU19
Guarantor: Perpetual Corporate Trust Limited (ABN 99 000 341 533) in its capacity as trustee of the ANZ Residential Covered Bond Trust
Expected Issue Rating: Aaa/AAA (Moody's/Fitch)
Format: Reg S (TEFRA D rules apply), Bearer, Covered Bond
Size: £1.25bn
Trade Date: 17-Jul-26
Issue Date: 24-Jul-26 (T+5)
Final Maturity Date: 24-Apr-30
Coupon: SONIA+50bps, Floating, Compounded Daily SONIA, 5 London Banking Day lag lookback period, Quarterly, ACT/365F
Reoffer: SONIA+50bps
Reoffer Price: 100%
Listing/Governing Law: London Stock Exchange / English and State of Victoria
Denominations: £100k + 1k
ISIN/Common Code: XS3449093007 / 344909300
Joint Lead Managers: ANZ, Barclays (B&D), BMO Markets, HSBC, Lloyds, NatWest and RBC Capital Markets
Target Market: MiFID II and UK MiFIR product governance: Professional Clients and Eligible Counterparties only (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as not available to retail investors in EEA or UK. The Issuer is not subject to MiFID II and any implementation thereof by an EU Member State or UK MiFIR and any implementation thereof by the UK. No Australian target market determination has been prepared as not available to retail investors in Australia.
Advertisement: U.S.$30,000,000,000 ANZ Global Covered Bond Programme dated 14-May-26 (“Base Prospectus”). The prospectus and any supplements are available via: https://www.anz.com/debtinvestors/centre/covered-bonds/programmes/anz-global-emtn/ The Final Terms, when published, will also be available via the National Storage Mechanism.
Selling Restrictions: As set out in the Base Prospectus to the ANZ Global Covered Bond programme and the Final Terms for this issuance
Timing: ToE: 14.16 UKT / FTT 14.45 UKT