ANZ National raises US$1b using Govt guarantee

Corporate Affairs Ground Floor 1 Victoria Street, Wellington www.anznational.co.nz
MEDIA RELEASE Friday 27 March 2009

ANZ National raises US$1 billion offshore using NZ Government wholesale guarantee

ANZ National raises US$1b Offshore using Govt guarantee

Wellington: The raising of US$1 billion from offshore markets by ANZ National is a reassuring sign of confidence in the New Zealand economy the Bank said today.

ANZ National (Int’l) Limited has today priced US$1 billion of three year Government guaranteed debt, consisting of US$1 billion in three year senior Medium Term Notes. The transaction followed a road show in the US visiting key investors.

ANZ National is the first New Zealand bank to have used the Government’s wholesale guarantee in offshore markets since the scheme was introduced in November 2008.

ANZ National Chief Executive Officer, Mr Graham Hodges said: "The level of support for this offer is very encouraging for the Bank and is also significant for New Zealand as a whole.

The US$1 billion Medium Term Notes mature on 2 April 2012 and have a cost of approximately 2.5% over the New Zealand wholesale curve inclusive of the guarantee fee and other conversion costs.

The Notes are expected to be rated AA+ (stable outlook) by Fitch Ratings, Aaa (stable outlook) by Moody’s Investor Services and AA+ (negative outlook) by Standard & Poor’s.

Settlement for the Notes is scheduled for Thursday 2 April 2009.

This press release is not an offer of securities for sale in the United States. The Notes will not and have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an applicable exemption from registration requirements.

ENDS

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