After much speculation as to the format, denomination and pricing of its hybrid securities, ANZ has confirmed it will launch an offer of US dollar-denominated ANZ Capital Securities to wholesale investors. This follows an earlier hybrid capital roadshow, which Banking Day commented on last week.According to a statement released yesterday by ANZ, initial price estimates are that the securities will pay a fixed US dollar interest rate "in the 7.25 per cent area", applicable until the first reset date in June 2026. The final interest rate and offer amount will be determined by a bookbuild.The new ANZ Capital Securities will constitute Basel III-compliant Additional Tier 1 capital. Final terms of the securities will be announced following completion of the offer, ANZ stated.According to detailed supporting documentation, also released yesterday, the notes will be issued by ANZ through its London branch, although much of the administration and payment of interest will be run by the Bank of New York Mellon, under the laws of the State of New York. The bank certainly contemplates selling notes into the deep and liquid US sec 144A institutional investor market.Among other conditions, noteholders are expected to provide BNY Mellon with sufficient information to ensure ANZ complies with the FATCA rules.The notes will, in general, be perpetual securities with no stated maturity date or other fixed redemption date (there are limited exceptions, such as unforeseen regulatory changes, or where ANZ's capital ratios fall to a level deemed "non-viable"). LINKS: https://www.bankingday.com/nl06_news_selected.php?act=2&stream=1&selkey=20832&hlc=2&hlw=https://www.bankingday.com/nl06_news_selected.php?act=2&stream=1&selkey=20820&hlc=2&hlw=