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ANZ raises US$1 billion using government wholesale guarantee

ANZ raises US$1 billion using government wholesale guarantee
ANZ National said it had raised US$1 billion in three year, senior medium term notes from offshore markets under the New Zealand government's wholesale guarantee. The transaction followed a roadshow in the US visiting key investors, ANZ National said in a statement. It is the first bank in New Zealand to have used the wholesale guarantee in offshore markets. The notes will mature on April 2, 2012, and have a cost of approximately 2.5% over the New Zealand wholesale curve inclusive of the guarantee fee and other conversion costs, ANZ National said. The notes are expected to be rated AA+ (stable outlook) by Fitch Ratings, Aaa (outlook stable) by Moody's Investor Services, and AA+ (negative outlook) by Standard and Poor's. "The level of support for this offer is very encouraging for the bank and is also significant for New Zealand as a whole," ANZ National CEO Graham Hodges said. We will update following an interview with Hodges.

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