ANZ New Zealand says it is considering making an offer of unsecured, unsubordinated bonds, Interest.co.nz reports.One object of the new bond issue would be to recycle cash about to be returned to existing investors into a NZ$350 million, 10-year subordinated bond that the bank would call at the first opportunity after five years.The bank said it notified investors in these earlier bonds last month that it would repay them at their September 15 call date. These subordinated bonds were paying interest of 7.16 per cent and would have been re-set, for another five years, at a margin of 75 basis points over the five-year swap rate, the newsletter reports.ANZ said it will make a decision on this funding option by early next week.