Just a thought but think that ANZ may issue more hybrid notes after the purchase of ING and RBS assets.
Whilst Tier 1 was high at 30/09/2009 I dont think that it includes the ING purchase (as I dont think that it has settled) and also would not include the NZ tax decision.
This would bring ANZ's Tier 1 ratio to 8.50% - 9.0% which is inline with other majors. I would think that ANZ would need to have a higher Tier 1 due to the higher risk in its loans for its Asian growth (compared to CBA and WBC)
ANZ has had a very small use of hybrids since the GFC with ANZPB mainly replacing ANZPA notes and from memory issuing an extra $400m
If WBC and CBA has had such high success of late (CBA raised $3.0 billion) it will be interesting see if they go down this track.
If they do come out with an offer similar to CBA or WBC (3.40% - 3.80%) spread I for one will be participating.
issuing more hybrid notes
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