As detailed in the prospectus, the conversion into ANZ shares will be at the VWAP price for the 20 days preceding the maturity date.
The attractive aspect of these notes (and other similar issues) is that the interest is paid on the same franking basis as the issuing companies FPO's. One could reasonably expect ANZ to pay fully franked dividends for the foreseeable future.
As such, based on todays 90 day BBSW of (as an example) 7.2%, then the notes will pay for the first 90 term 9.7% fully franked - 13.85% grossed up. By comparison, ANZ shares closed today at a forward grossed-up yield of about 11.95%.
Very attractive for investors that want exposure to ANZ with a yield better than the underlying stock.
The above is only my take on the issue, and not intended as advice.
help: advantages of pref shares, page-6
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