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Successfully launches new subordinated debt issue

Document date:  Wed 29 Jan 2003
Published:  Wed 29 Jan 2003 16:06:41
Document No:  200352
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2003-01-29  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today announced the successful raising of two trenches of new
subordinated debt. These consisted of:

* US$550m   10 year non-call 5 year subordinated notes
* Euro 500m 12 year non-call 7 year subordinated notes

This provides additional tier 2 capital designed to improve ANZ's
Total Capital ratio and provide a more flexible and efficient capital
composition.

In the near term this subordinated debt gives ANZ the capacity to
redeem US$258m of capital securities originally issued in 1993 which
are relatively less efficient.

ANZ was particularly pleased with the strong demand for the
subordinated debt issue given the challenging conditions in financial
markets.

For analyst enquiries, contact:      For media enquiries, contact:

Philip Gentry                        Rita Zonius
HEAD OF INVESTOR RELATIONS           MEDIA RELATIONS MANAGER
Tel 03 9273 4185 or 0411 125 474     Tel 03 9273 6190 or 0409 655 551
Email: gentryp@anz.com               Email: zoniusr@anz.com