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Australia and New Zealand Banking Group Ltd. Capital/Financing Update 2014

Feb 10, 2014

10425_rns_2014-02-10_92811e4d-52ba-4186-b482-30fac711ef49.pdf

Capital/Financing Update

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ANZ Capital Notes 2 Offer

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

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11 February 2014
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Offer Summary

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Offer
Term
Offer size
Face Value
Purpose
Offer structure
Listing
Ranking [1]
2
� � �� � � � � � � � � � � � � � � � � � �
� � ! " � � # � � � � � � � � � $ % � � �
� & � � � � � � � � ' � � � � � # � � �
� " � � # � � � ( " � ) % * ( � � + � � � , # �
� � � , - ) % � ( " � ) %
� . / � % % � � � � � � � � � � � �
� . / * * � � �
� + % � � � � � �� � � � � � � � 0 � ) � � � � � � �
1
� � � % � � ) � � � � � � ) � & $ / � � � � � ) � � � � � � � �
� � & ' � % � ) � � � % % � � � ) � � � � + � � / � � % �
� � � � � � � 0 � � � � � � ) � � 2 � � � � �
� + % � � �� � � � � � � 3
! � � � & $ / % � � � � � � ' � # � � � � �� � � 4
! � � � � $ � ) � � � % � � � 4
! � � � � � � % � � � � � � ) % � � � � � � � � � � � 4
! � � ) � � � � � ) � � � � � � 4
! � � # � � � �
� � $ � ) � � � % � � � � � % � � � � � � � � � $ % � � � � � � & $ /
5 5 5
& $ & $ 6 � � $ � � � � � � � % % � � � � � � 7 3 * * � , 8 + 6 /
5 5
9 � � � * / ( % � � � � � � � � � � � � � �
� � � % # � % � � � � � � $ : % � � � � � � - � ) � � �
� � � � $ : ) � ; � & , 0
� < = > ? � � 5 % � � � � � � � � 3
! % � � � � � � � $ % � � � 4
! � 2 � � % � � � 5 & $ / 5 & $ & $ 6 5 % � � � � � � � ) � � % � � �
) � � � % � * * ( + � � � $ � ) � � � � � % � � � 2 � � � � � � � 4
! � � % � � � � 5 � � � � � � ) � � � � 5 � $ � � � � � � 5 % � �
) � � � � � �
@ A B C D E F G H I G J K L M C D N K M D O I G F P I G Q I G J R S T U I V V W D F Q X D E O D V Y F LL D Z M D Q I L F B E I J J D E [ X D G M K Z Z \ E O A ] K V V K U I G J ^ K G X D E O I K G _ K V Q D E O U I V V C FX D F Z V F I a F O F G<br>b E Q I G F E Y c C F E D C K V Q D E A d L F N K M D I O F P E I M M D G R b LL _ F V V E I J C M O I G E D O T D Z M K L F N K M D U I V V W D M D E a I G F M D Q F G Q M C D K V Q D E U I V V G K M C FX D M C D I E Z FT I M F V E D T F I Q A
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Distributions

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Distributions
Distribution Rate
Dividends and
Capital
Restrictions
� � � � � � � � � � � � � � � � � � � � �
� � � � � � � � � � � � � � � !
� " � � � � � � � � � � � ! $ � � $ � � � � � � $ � � � % � �
#
� � � � � � � � � $ � � � $ � � � � ! � � � � $ � � �
#
� & � � � � � ' � � � ( � � � �
� � � � � � � � � � ) * + � � $ � � ) * � � & � � � � � � � % $
#
� � � � � � � % , � - . � � � � � � � � � � � ' � � � ( � � � � � ,
# /
' � � � ( � � � � % $ 0
1 ' � � � � � � , � - � $ 2 � � � � $ � , ' 3 , � � � � � 4 � � �
4 � � � 5
1 ' � � � � � � , � - � � � � # � � ! � � � � � # � � � � 5 �
1 , ' 3 , � & � � $ � � � � $ � � �
� � � � 3 � 6 � 7 + � � 1 , � � � � � � � � � � �
� + � � � � � $ � � � 8 ) 9 : � 8 * : � � � � �
/ /
� " � � � � � � � � � � � % $ � 8 � � � � � � � �
' � � � � , � - � � � � � % $ � � � � � � � � � � � 3 � � � � � � ; � � � � �
# # #
� � � � � � � $ � � � � ' � � � � � $ � < � � � $ 0
/ /
1 � � � � � � � � � � , � - = � � $ � 5 �
1 � � � ! � � � � � � � � � , � - = � � $ �
� > � � � � � �
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3

Mandatory Conversion on a Mandatory Conversion Date

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Mandatory
Conversion
Mandatory
Conversion
Conditions
Intention of
Mandatory
Conversion
Conditions
Deferral of
Conversion
= � ) * + � � $ ) ) * + � � � � ( � � � � � � & � � � � � � � � $
#
+ � � � � ( � � � � ( � � � � $ � � % � � � � � � � � ( � � � � � � � �
#
� � � � , � - = � � $ � � � : � � � � � $ ) � , ' � � �
#
� $ � � � � ( � � � � � � % � � �
$ � � � � , � - = � � $ � � � � � � % � ( � � � � � � $ + � � � �
( � � � � � � & � � $ + � � � � ( � � � � � � � % $ � $ �
� � � , ' � 9 : � $ " � � , ' $ � � , � - = � � $ �
/ /
� � ) � � � � � $ � � � $ � �
$ , ' � � $ ) 9 $ � � � � � � � � � � � � � � � + � � � �
/
( � � � � � � $ � � 9 < : � $ " � � , '
/
) $ , ' � � $ ) � � � � � � � � � � � � � � �
/
+ � � � � ( � � � � � � $ � � 9 9 : � $ " � � , '
/
8 , � - = � � $ � � � � � � � � � � � � � � � � $ � � � �
/
� � � 9 � � � � � � � � � � � $ � � � � � �
#
� � � � � � � � $ + � � � � ( � � � � � � � � � " � � � � , � -
# /
� � � � � � � � � � % � � � � � � � $ � � � � � � # % � � � � �
� � � � � � � � � � , � - � � � � � � $ � � � � � � $ � � �
$ + � � � � ( � � � � ( � � � � � � � � � � � � � � �
( � � � � � $ $ � � � � � � % � � � � ; � � � � � � � $ � �
� � � � � % � $ � , � - = � � $ � � � � � $ + � � � �
( � � � � � � � $ � $ � , � - = � � $ � � � � � � � � � � � �
$ ,
" � � � $ + � � � � ( � � � � ( � � � � � � � � $ + � � � �
#
( � � � � � % � � � � � $ � � � � ' � � � � � � % $ � $
� � � � $ � � � � � � � �
� � � � � � � � � � � � � $ � � � � � � � � � �
@ B C D � P � � Q \ E I G J M C D � � � \ O I GD O O � FY O K G U C I Z C M E F Q I G J I G b E Q I G F E Y c C F E D O M K K H T V F Z D I a a D Q I F M D V Y T E D Z D Q I G J � W \ M G K M I G Z V \ Q I G J � M C D
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  • 4

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Mandatory Conversion on a Trigger Event

Trigger Event
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5

Optional Exchange & Mandatory Conversion on a
Change of Control Event
Optional Exchange & Mandatory Conversion on a
Change of Control Event
Optional Exchange & Mandatory Conversion on a
Change of Control Event
Optional Exchange & Mandatory Conversion on a
Change of Control Event
Optional Exchange
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6

Ranking of ANZ Capital Notes on Winding-Up

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Examples of existing ANZ obligations and
Examples
securities [1]
Higher ranking/
earlier priority
Liabilities preferred by
law and secured debt
Senior Unsubordinated
obligations unsecured debt
Term subordinated
unsecured debt
Perpetual
subordinated
unsecured debt
Equal Preference shares & ANZ Capital Notes 2
ranking other equally ranked
obligations instruments
Lower
ranking Ordinary Shares
Lower ranking/
obligations
later priority
> � � � , � � � � � � � � � � � �
� � � � � � � � $ � � ! � , � � � � � � �
#
� � � � � � � � � � � � � $ � � �
� � % � � � � � � � � � � � �
� � � � � �
� � � � � � � � � � � � � � $
# /
� � � � � � � � % $ � $ � � � � � � �
� � � � � � , � - $ � � $ $ � � � � �
#
$ � � � � � $ 2 � �
, � - � � � � � � � � � $ 4 � � � � � ! �
� � � � � � � � � � � � � �
' � � � ( � � � � � � � � 3 � � � � � � <
, � - ( � � � � � ( '
# # #
( ' ) � � ( ' 8 � � $ � � $ �
#
� � � � $ ) * � � �
= � � $ �
@ d L F N K M D I O P E I M M D G b LLL F V V E I J C M O � I G Z V \ Q I G J � I O M E I W \ M I K G O � I G E D O T D Z M K L F N K M D U I V V W D M D E a I G F M D Q F G Q M C D ` K V Q D E U I V V G K M C FX D M C D I E a K GD Y
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----- Start of picture text -----

7
@ A d L F N K M D I O P E I M M D G R b LLL _ F V V E I J C M O � I G Z V \ Q I G J � I O M E I W \ M I K G O � I G E D O T D Z M K L F N K M D U I V V W D M D E a I G F M D Q F G Q M C D K V Q D E U I V V G K M C FX D M C D I E a K GD Y<br>E D T F I Q A d L F N K M D I O ^ K G X D E M D Q _ M C D b E Q I G F E Y c C F E D O F K V Q D E E D Z D I X D O K G ^ K G X D E O I K G U I V V E F G H D � \ F V V Y U I M C K M C D E b E Q I G F E Y c C F E D O I G F U I G Q I G J R
\T K L � N
A
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Trading prices of selected ANZ Hybrids compared to an
ad usted ANZ Ordinar Share Price
j y
Trading Price ($)
� �
� �
� � �
� � �
� �
� �
� �
� �
� �
� �
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----- Start of picture text -----

! " # $ ! % & ' % % ( ! # % ) * + ! , - . % / % . # 0 ) 1 2 0
----- End of picture text -----

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----- Start of picture text -----

3 2 0 4 3 2 0
3 2 0 5 3 ! & ) ! . ) % #
c K \ E Z D � � D \ M D E O
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8

Comparison of ANZ Capital Notes 2 to other ANZ
securities
Comparison of ANZ Capital Notes 2 to other ANZ
securities
Comparison of ANZ Capital Notes 2 to other ANZ
securities
Comparison of ANZ Capital Notes 2 to other ANZ
securities
ANZ Capital Notes 2 ANZ Capital Notes CPS1
ASX Code











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9

Summary of certain events that may occur during the term of ANZ Ca ital Notes 2 p

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10

ANZ’s Common Equity Capital Ratio[1]

==> picture [377 x 31] intentionally omitted <==

----- Start of picture text -----

APRA Common Equity Capital (CET1) Ratio
on a Level 2 basis
----- End of picture text -----

==> picture [610 x 235] intentionally omitted <==

----- Start of picture text -----

9.0% 8.8%
8.5%
8.0%
8.5%
8.0% 7.9%
7.5%
5.125%
APRA CET1 Ratio on a Level 1 and Level 2 basis
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) � � ?� � �
----- End of picture text -----*

==> picture [635 x 157] intentionally omitted <==

----- Start of picture text -----

Level 1 Level 2
11
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0 � � � � � � � � & � � � � &
+ � � � � � � � � & � � , � � 1 � � � � �
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� 1 � 1 � & & � � � � � � ) � * � � + , � � 1 � � �
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@ � N J I X D O G K F O O \ E F G Z D F O M K U C F M I M O Z FT I M F V E F M I K O U I V V W D F M F G Y M I a D F O M C D Y a FY W D O I J G I L I Z F G M V Y I a T F Z M D Q W Y \ GD T D Z M D Q D X D G M O F LL D Z M I G J I M O
A
W \ O I GD O O K T D E F M I K G O F G Q L I G F G Z I F V Z K G Q I M I K G
_
----- End of picture text -----

Reinvestment Offer to Eligible CPS1 Holders

==> picture [643 x 464] intentionally omitted <==

----- Start of picture text -----

What is the
Reinvestment
Offer?
Who is an Eligible
CPS1 Holder?
Options for
Eligible CPS1
holders
Differences
between CPS1 and
Notes [2]
Pro-rata dividend [3]
What happens to
CPS1 not
reinvested?
12
� , � � , � - � � � ( ' ; � � � � $ ( ' � � �
/
� ' � � � � ( ' % � � � � � $ � � � ! � � � � � $ � � $ � �
� � � $ , � � � � � ' � � � � � � � �
� , ( ' ; � � % $ � 0
1 � $ � � � ( ' � � � , � � 8 � � � � � ) * 5
1 $ � % � � � $ ( ' � $ � � � � � � , � � � � 5 � �
1 � � � # � � � � � � � � � � � � � � � # $ � � �
, � � � � � � � � � � � ( ' � � � � � � � � 8 � � � � � )
/
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3 � � � = � � ( ' ; � � � � � � � � � � � � � � � � � � 5
/
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8 � � � � ( ' � � � � ! $ � � $ � � � ! � � $ %
/
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#
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/ #
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1 $ + � � 5
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1 $ � � � ' � � � � � � � � � � � 5 � �
1 � � 3 � � � = � �
� � � ( ' ; � � % $ � � $ � � � � $ ( ' % � � � � � ' � � � �
� � � � � � � � � � � � � � � � % $ $ ( ' � � $ � % �
� + � � $ ) * � � � � � � 8 + � � $ ) * � � �
� , � � ( ' ; � � % � � � $ � � $ � � � � + � � $ )

� � & � � , ' 3 , � � � � , � - � � � � � � � � � � � ( ' � � < � � �
#
) * ; � � % � � � ( ' � � $ � $ � � � � � �
/ /
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/
� ( ' � $ % % � � � � � � � � � � � � � � , � - � � � $ � � � < � � �
) * � � ) 9 : � � � � � & � � $ � � � � � � � � � � � � � � �
/
@ � K \ a FY C FX D M K T FY W E K H D E F J D F G Q a FY E D Z D I X D F T E I Z D J E D F M D E K E V D O O M C F G M C D L F Z D X F V \ D K L � @ � � T D E ^ � c @
A
� � M F W V D Z K a T F E I G J N K M D O M K K M C D E � N c D Z \ E I M I D O I G Z V \ Q I G J ^ � c @ I O L K \ G Q K G T F J D � K L M C I O T E D O D G M F M I K G F G Q O D Z M I K G � � K L M C D � E K O T D Z M \ O ^ K G O I Q D E M C D O D
A A A
Q I LL D E D G Z D O I G V I J C M K L Y K \ E I G X D O M a D G M K W � D Z M I X D O L I G F G Z I F V O I M \ F M I K G F G Q T F E M I Z \ V F E GD D Q O � I G Z V \ Q I G J L I G F G Z I F V F G Q M F F M I K G � W D L K E D FT T V Y I G J
_
� [ F Z C Q I X I Q D G Q T FY a D G M I O O \ W � D Z M M K M C D T FY a D G M M D O M O I G M C D ^ � c @ B D E a O � I G Z V \ Q I G J M C F M M C D � K F E Q E D O K V X D O M K T FY M C D E D V D X F G M Q I X I Q D G Q �
A
----- End of picture text -----

==> picture [721 x 158] intentionally omitted <==

----- Start of picture text -----

Key dates for the Offer [1]
> � � � � $ ' � � � % $ , " ( � � � � � � � � � � � � �
� � ! � � � � � $ + � � � � � � � � � � � � � �
, � � � � � � � � � $ + � � � � � � � �
� � � � � � � � � � � �
� $ � � � � � � � � % $ , " (
----- End of picture text -----

==> picture [420 x 61] intentionally omitted <==

----- Start of picture text -----

= � � �
( � � � � � , � - � � $ � � = � � 2 � � � =
( � � � � � � ! � � = � � " � � � � � � =
----- End of picture text -----

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==> picture [420 x 31] intentionally omitted <==

----- Start of picture text -----

" � �
----- End of picture text -----

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Key dates for CPS1 Holders1 Key dates for CPS1 Holders1 Key dates for CPS1 Holders1
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Timeline of selected key dates for the Offer[1]

==> picture [721 x 475] intentionally omitted <==

----- Start of picture text -----

18 February
11 February 28 March
19 February
31 March
20 March
2014
February March May June
24 March
31 January 31 March
11 June
20 March
17 March
16 June
29 May
20 March
15
� � ! � � �
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� �? � � & � � � � �� � � � �
) � � � � �� � �
ANZ Capital Notes 2 Offer
� � � � � � �
� � � � � � � � � -
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CPS1 Reinvestment Offer � � �
� � �
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& ) , ( % � � , 4 � ) $

----- End of picture text -----

ANZ Capital Notes 2 Offer

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Financial Results
----- End of picture text -----

==> picture [721 x 135] intentionally omitted <==

Overview of Financial Performance including 1Q FY14 u date p

FY13
FY12
FY13 Q1 FY14
$M $M v FY12 $
Cash Profit 6,498 5,830 +11% 1.73b
Operating Income 18,378 17,848 +3% n/a
Expenses 8,236 8,519 -3% n/a
Provisions 1,197 1,258 -5% 191m
Statutory NPAT 6,272 5,661 +11% 1.64b
EPS (cents) 239 219 +9% n/a
Dividend per Share (cents) 164 145 +13% n/a

==> picture [422 x 2] intentionally omitted <==

----- Start of picture text -----

� V V L I J \ E D O K M C D E M C F G c M F M \ M K E Y N D M � E K L I M F LM D E B F F G Q � I X I Q D G Q T D E c C F E D F E D T E D O D G M D Q K G ^ F O C W F O I O
----- End of picture text -----

==> picture [60 x 22] intentionally omitted <==

17

2013 Result by Division

==> picture [631 x 410] intentionally omitted <==

----- Start of picture text -----

FY13 v FY12 FY13 v FY12
Australia New Zealand (NZD)
International & Institutional Banking Global Wealth
� � � � � � � � � � � � � � � � � � � � � � � �
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----- End of picture text -----

==> picture [60 x 22] intentionally omitted <==

18

Income by Division and Geography

Operating Income Mix by Division (FY13)

Operating Income Mix by Geography (FY13)

FY13 Network Revenue[1 ] APEA 21.4%

==> picture [303 x 240] intentionally omitted <==

----- Start of picture text -----

B E F G O F Z M I K G
� F G H I G J � D M F I V � O I F
� V K W F V � F Z I L I Z
� K F G O � � � O I F � F E M GD E O C I T O
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] \ G Q O
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----- End of picture text -----

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----- Start of picture text -----

� �
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^ K E T K E F M D
^ K a a D E Z I F V
----- End of picture text -----

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----- Start of picture text -----

@ N D M U K E H E D X D G \ D E D T E D O D G M O I G Z K a D W K K H D Q I G F � \ E I O Q I Z M I K G Q I LL D E D G M L E K a U C D E D F Z V I D G M E D V F M I K G O C I T I O a F G F J D Q
A
----- End of picture text -----

==> picture [60 x 22] intentionally omitted <==

19

Strong credit quality

==> picture [638 x 406] intentionally omitted <==

----- Start of picture text -----

Credit Quality Trends
Provision Charge
FY13 v FY12
100bpsbps
5%
18%
Impaired Assets
Avg. $0.8b
decline YOY
since Sep 10
22%
200bps
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----- End of picture text -----

==> picture [640 x 417] intentionally omitted <==

----- Start of picture text -----

100bpsbps
5%
18%
Impaired Assets
Avg. $0.8b
decline YOY
since Sep 10
22%
200bps
20
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@ ^ K V V D Z M I X D � E K X I O I K G Z K X D E F J D K G F G � � � � � F O D V � W F O I O B C I O E F M I K I O M C D Z K V V D Z M I X D T E K X I O I K G W F V F G Z D F O F T E K T K E M I K G K L ^ E D Q I M � I O H P D I J C M D Q � O O D M O
A A
� ^ E D Q I M � P � a D F O \ E D Q K G F � F O D V � W F O I O
A
----- End of picture text -----

ANZ Capital Notes 2 Offer

==> picture [721 x 136] intentionally omitted <==

----- Start of picture text -----

Capital, Funding &
Liquidity
----- End of picture text -----

==> picture [721 x 135] intentionally omitted <==

Capital levels strong, Q1 levels impacted by payment of FY13 dividend

Basel 3 CET1 Capital (on a Level 2 basis) Basel 3 CET1 Capital (on a Level 2 basis) Basel 3 CET1 Capital (on a Level 2 basis) Basel 3 CET1 Capital (on a Level 2 basis)














































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Capital position reconciliation under Basel 3 (on a Level 2 basis)
CET1 Tier 1 Total Capital
Sep13 APRA 8.5% 10.4% 12.2%






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Sep13 InternationallyHarmonised 10.8% 12.8% 14.7%

==> picture [60 x 22] intentionally omitted <==

22

Deposit growth continues to fund loan growth

==> picture [639 x 370] intentionally omitted <==

----- Start of picture text -----

Customer Lending & Deposits by Geography Customer Lending [1] movement FY13 v FY12
Customer Lending [1] Customer Deposits
Customer Deposits movement FY13 v FY12
� � � � � � �

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----- End of picture text -----

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----- Start of picture text -----

@ ^ \ O M K a D E V D G Q I G J E D T E D O D G M O N D M � K F G O � Q X F G Z D O I G Z V \ Q I G J F Z Z D T M F G Z D O
A
----- End of picture text -----

==> picture [60 x 22] intentionally omitted <==

23

Liquidity position has benefitted from an improvement in both fundin mix and asset rofile g p

==> picture [621 x 405] intentionally omitted <==

----- Start of picture text -----

Funding mix has stabilised Shortened asset tenor
29% 19% 18% 16% 23% 24%

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1 � � ) � � � � � 1 � � ) � � � � � 1 � � 3 * , � � + 1 � ?�
+ 1 � , � � $ & 3 - � �
----- End of picture text -----

==> picture [60 x 22] intentionally omitted <==

24

Strong liquid asset and funding position

==> picture [634 x 405] intentionally omitted <==

----- Start of picture text -----

Liquidity Portfolio Funding Portfolio [1]
Issuance Maturities
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, 4 � � ) � � + � ) " 4 � � ) � + � � � 4 ?� � ) � 4 � � � 1 � �
----- End of picture text -----

==> picture [633 x 33] intentionally omitted <==

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25
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Contact details

Issuer

Issuer
ANZ Adrian Went ? ?

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John Needham ?
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David Goode ?
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Luke Davidson ?

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Gareth Lewis ? ?
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Joint Lead Managers
ANZ Securities Adam Vise ? ?
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Goldmans Sachs Michael Cluskey ? ?
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JP Morgan Peter McInnes
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Morgan Stanley Bob Herbert ? ?


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Morgans Steven Wright

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UBS Andrew Buchanan ? ? ?
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Westpac Allan O’Sullivan ? ?

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Disclaimer

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