issuing more hybrid notes, page-3

Er, so, RE: capital raising.

Not required ATM.

Not even close to it.

9.5% is insanely high. Many would argue too high.

ANZ wants to be aggressive though... depends how much they regrow their business for the next 18 months (couple of billion more in retained earnings FTW), then explode into buying.... or if they keep aggressively buying business now... just depends whats on the market.

If they buy under $2Bn worth in the next 12 months, a capital raising shouldn't be necessary... just think, that's 3.5Bn profit, payout ratio of, I'm guessing, 70%, still leaves over $1Bn to improve the Capital Adequacy Ratios... which means T1 will be reduced by only approximately 1Bn (if they spend 2 Bn), which should leave it well above 9% still.

IIRC, CBA was around 8.37% when it raised capital via Perls V.....

And, like I said, using rouch calcs', if ANZ spent $2Bn now they would have a ratio of about 8.8%....