Update on these...they wont be redeeming these as per request of RB but will continue paying interest.
Accordingly, ANB will not be permitted to redeem the NZ$500 million of
mandatory convertible perpetual subordinated securities (Capital Notes) under
ticker code ANBHB on the Optional Exchange Date (25 May 2020).
The RBNZ's decision does not affect ANB's ability to pay interest on the
Capital Notes. Interest is scheduled to be paid quarterly in arrears, is
subject to ANB's discretion and other conditions as set out in the investment
statement, and is non-cumulative.
The terms of the Capital Notes also provide for their conversion into
ordinary shares of Australia and New Zealand Banking Group Limited (listed on
the NZX and ASX) in May 2020 or May 2022 (conversion is subject to certain
conditions as set out in the investment statement of the Capital Notes).
ANB's capital position remains strong, with total capital of $13.4 billion,
or 13.6% of risk weighted assets at 31 December 20191. ANB's total capital
increased by approximately $1.6 billion between 1 October 2018 and 31
December 20191.
ANB acknowledges the steps the RBNZ is taking to promote market liquidity and
stability, the flow of funding to the economy and this measure to maintain
the banking system's capital position during the COVID-19 pandemic.