ANZ-National to offer $400m in bonds

New Zealand's biggest retail bank, ANZ-National, says it plans to offer up to $400 million in 10-year bonds. The offer to institutions and the public will be for up to $300 million with the right to accept over-subscriptions up to an additional $100 million.

The unsecured and subordinated bonds have a maturity date of September 15, 2016, but may be called in on September 15, 2011. Pricing of the deal is due to be announced on September 11. The bonds will be listed on the Stock Exchange's debt market.