These bonds have been trading now for a little while and have been a good buy for those who got in on the open. Given 'normal circumstances' the biggest risk for new entrants via NZDX would seem to be that of redemption and loss of capital (ie premium paid to purchase vs face value). Interest rates have gone significantly south since these have been issued which raises the question would ANZ review and redeem at first opportunity? Perhaps none on this forum can know the answer but I would be interested for some healthy discussion on the topic. If they were redeemed early would that put ANZ in a bad light with the market in general given they may need to raise further capital as pointed out by previous posters. Also heard on the news today Aussie banks will need to increase capital even more to comply with regulators new requirements.