ANZ’s Shayne Elliott works under a np-fixed-term contract
- It’s a tad early for exit interviews, yet reflective CEOs of NAB and ANZ spoke with this feel to a degree in features in the national newspapers at the weekend. Phil Chronican, the interim CEO of NAB (who has 7 weeks left in that role), produced meaty quotes on NAB finally wrangling its board and executive to work out the costs of its misconduct, in a piece by Pamela Williams in the Financial Review. ANZ’s Shayne Elliott (who has an “ongoing” contract) talked biography more than banking in a column by John Durie in The Australian.
- Commonwealth Bank completed the bookbuild for its latest hybrid issues, PERLS XII Capital Notes, on Friday, setting the margin at 3 per cent over the bank bill swap rate and increasing the issues from A$750 million to $1.25 billion. The securities will qualify as tier 1 capital. They are subordinated and unsecured, paying floating rate distributions which are expected to be fully franked. The notes have a call date of April 2027.
- Latitude Financial Group has set the price for shares in its initial public offering at $2. When it launched its prospectus last month it said the price could be as high as $2.25. With 622 million shares on offer, the company is aiming to raise $1.24 billion. The bookbuild will close on Wednesday. At $2 a share the company will have a market capitalisation of $3.56 billion.