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...
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