ANZ, BNZ may make call on high-coupon notes, sending $1.28B looking for new home

ANZ, BNZ may make call on high-coupon notes, sending $1.28B looking for new home
By Jonathan Underhill Jan. 10 (BusinessDesk) – Some $1.28 billion of investment funds could be looking for a high-yielding home in the next few months amid speculation ANZ New Zealand and a local unit of National Australia Bank will call hybrid notes they sold in 2008 when interest rates were high. ANZ has $835 million of perpetual callable subordinated bonds with a first call date of April 18. They carry a coupon of 9.66 percent, deemed reasonable in 2008 though since then bond yields have fallen by at least 300 basis points. BNZ Income Se...