Australia & New Zealand Bank (ANZ) launched a novel hybrid late last month, a deal that some hope could blaze a trail for other local banks to follow. But some bankers not working on the deal think the structure is too risky for retail investors — and argue the regulator should take a closer look.
The preference share convertible hybrid (CPS3) has been snapped up by retail brokers, allowing ANZ to increase the broker and institutional tranche from A$750m to A$1.25m, out of a deal that will be around A$1.5bn overall. Retail investors are attracted by the rarity of the deal ―the first
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