A number of questions in the past week directed towards the ANZPI, which is the new hybrid security issued by ANZ. It seems some confusion around how to get access to a very popular security like this. The Broker Bookbuild is the best bet initially. At this point, brokers take bids from clients and add them to a book. Demand usually dictates a margin at the lower end of the guided range and once the book build is complete, the broker will communicate a firm allocation and settlement will take place a few weeks later. The benefit here is that we know what we are getting before paying for it. Once that is known, there is generally a security offer allowing holders of ANZ stock or other hybrids to send in funds for an allocation. The issue here is that funds are sent in, however there is generally scale back and funds then need to be returned from the registry (i.e. there is a delay on funds). The best bet is generally through the bookbuild process, at least as a starting point anyway.
MM is adding the ANZPI to the Income Portfolio with a 5% weighting
Add To Hit List
