Originally Posted by
D B Cooper
Interesting to see that ANZ rolled ANBHA (previously 9.66% issue size of NZD835m) but the BNZ called BISHA (previously 9.89% issue size of NZD450m) . I assume they called BISHA because they wanted to call BNSPA (9.10% issue size of NZD260m) next year and could not be seen to roll one and not the other. BISHA has a margin of 2.20% over the 5y swap while BNSPA has a whopping 4.09% over the 5y swap.
Anyway I am happy that ANZ rolled ANBHA as the new reset rate will be circa 5.60% which is a reasonable rate at this point in time.
Any thoughts on why ANZ rolled and BNZ didnt?
Disc - hold ANBHA