Hybrid works for ANZ

The ready availability of capital for top tier companies continues. ANZ yesterday said it now planned to sell $1.7 billion in convertible preference shares. The bank last week had said it was looking to sell $750 million in hybrids.

The bank said it set the margin over the bank bill swap rate at 3.1 per cent and at the low end of the range suggested last week.

In September 2008, and only days before yields in credit markets went haywire, ANZ sold an earlier series of CPS at a margin of 2.5 per cent over swap.