Big-four Australian bank floating rate notes: which bonds, and the minimum investment
Candour Capital currently offers 78 AUD floating rate notes from the big-four Australian banks (ANZ 19, CBA 19, NAB 22, Westpac 18). The minimum investment is AUD 100,000 to AUD 500,000 for bonds issued in Australia (ISIN starting AU) and AUD 200,000 to AUD 1,000,000 for bonds issued offshore (ISIN starting XS). For wholesale and professional investors only.
| Bank | Bonds | Minimum investment | Maturing |
|---|---|---|---|
| ANZ | 19 | AUD 100,000 to AUD 500,000 | 2027–2041 |
| CBA | 19 | AUD 100,000 to AUD 250,000 | 2026–2043 |
| NAB | 22 | AUD 100,000 to AUD 1,000,000 | 2026–2043 |
| Westpac | 18 | AUD 100,000 | 2026–2036 |
Every bond
| Bond | Type | Ranking | Coupon | Maturity | First call | Minimum |
|---|---|---|---|---|---|---|
| ANZ AU3FN0084380 | Floating | senior unsecured | BBSW + 0.80% | 2027-02-05 | — | AUD 100,000 |
| ANZ AU3FN0068771 | Floating | senior unsecured | BBSW + 0.97% | 2027-05-12 | — | AUD 500,000 |
| ANZ AU3FN0088977 | Floating | senior unsecured | BBSW + 0.70% | 2027-06-18 | — | AUD 100,000 |
| ANZ AU3FN0073003 | Floating | senior unsecured | BBSW + 1.20% | 2027-11-04 | — | AUD 500,000 |
| ANZ AU3FN0093811 | Floating | senior unsecured | BBSW + 0.67% | 2027-12-15 | — | AUD 100,000 |
| ANZ AU3FN0076998 | Floating | senior unsecured | BBSW + 1.06% | 2028-03-31 | — | AUD 100,000 |
| ANZ AU3FN0080966 | Floating | senior unsecured | BBSW + 0.93% | 2028-09-11 | — | AUD 100,000 |
| ANZ AU3FN0084398 | Floating | senior unsecured | BBSW + 0.96% | 2029-02-05 | — | AUD 100,000 |
| ANZ AU3FN0088985 | Floating | senior unsecured | BBSW + 0.86% | 2029-06-18 | — | AUD 100,000 |
| ANZ XS2847664583 | Floating | senior unsecured | BBSW + 0.75% | 2029-06-21 | — | AUD 500,000 |
| ANZ AU3FN0095709 | Floating | senior unsecured | BBSW + 0.81% | 2030-02-18 | — | AUD 100,000 |
| ANZ AU3FN0109781 | Floating | senior unsecured | BBSW + 0.71% | 2031-05-12 | — | AUD 100,000 |
| ANZ AU3FN0113460 | Floating | senior unsecured | BBSW + 0.66% | 2031-08-21 | — | AUD 100,000 |
| ANZ AU3FN0070330 | Floating | Tier 2 subordinated | BBSW + 2.70% | 2032-08-12 | 2027-08-12 | AUD 100,000 |
| ANZ AU3FN0077939 | Floating | Tier 2 subordinated | BBSW + 2.35% | 2033-05-16 | 2028-05-16 | AUD 100,000 |
| ANZ AU3FN0084026 | Floating | Tier 2 subordinated | BBSW + 1.95% | 2034-01-16 | 2029-01-16 | AUD 100,000 |
| ANZ AU3FN0094793 | Floating | Tier 2 subordinated | BBSW + 1.52% | 2035-01-15 | 2030-01-15 | AUD 100,000 |
| ANZ AU3FN0107504 | Floating | Tier 2 subordinated | BBSW + 1.25% | 2037-02-23 | 2032-02-23 | AUD 100,000 |
| ANZ AU3FN0113452 | Floating | Tier 2 subordinated | BBSW + 1.57% | 2041-08-21 | 2036-08-21 | AUD 100,000 |
| CBA AU3FN0051595 | Floating | senior unsecured | BBSW + 0.86% | 2026-11-18 | — | AUD 100,000 |
| CBA AU3FN0070579 | Floating | senior unsecured | BBSW + 1.02% | 2027-08-18 | — | AUD 250,000 |
| CBA AU3FN0074514 | Floating | senior unsecured | BBSW + 1.15% | 2028-01-13 | — | AUD 250,000 |
| CBA AU3FN0080396 | Floating | senior unsecured | BBSW + 0.95% | 2028-08-17 | — | AUD 200,000 |
| CBA AU3FN0069852 | Floating | senior unsecured | BBSW + 1.18% | 2029-06-24 | — | AUD 100,000 |
| CBA AU3FN0113403 | Floating | senior unsecured | BBSW + 0.56% | 2029-07-20 | — | AUD 200,000 |
| CBA AU3FN0090379 | Floating | senior unsecured | BBSW + 0.87% | 2029-08-22 | — | AUD 200,000 |
| CBA AU3FN0094785 | Floating | senior unsecured | BBSW + 0.84% | 2030-01-09 | — | AUD 200,000 |
| CBA AU3FN0101036 | Floating | senior unsecured | BBSW + 0.77% | 2030-08-21 | — | AUD 200,000 |
| CBA AU3FN0105912 | Floating | senior unsecured | BBSW + 0.74% | 2031-01-15 | — | AUD 200,000 |
| CBA AU3FN0069985 | Floating | senior unsecured | BBSW + 1.27% | 2031-07-01 | — | AUD 200,000 |
| CBA AU3FN0112207 | Floating | senior unsecured | BBSW + 0.67% | 2031-07-09 | — | AUD 200,000 |
| CBA AU3FN0062600 | Floating | Tier 2 subordinated | BBSW + 1.32% | 2031-08-20 | 2026-11-20 | AUD 200,000 |
| CBA AU3FN0067989 | Floating | Tier 2 subordinated | BBSW + 1.90% | 2032-04-14 | 2027-04-14 | AUD 200,000 |
| CBA AU3FN0073029 | Floating | Tier 2 subordinated | BBSW + 2.70% | 2032-11-09 | 2027-11-09 | AUD 200,000 |
| CBA AU3FN0082251 | Floating | Tier 2 subordinated | BBSW + 2.05% | 2033-10-25 | 2028-10-25 | AUD 200,000 |
| CBA AU3FN0099339 | Floating | Tier 2 subordinated | BBSW + 1.70% | 2035-09-12 | 2030-09-12 | AUD 200,000 |
| CBA AU3FN0108239 | Floating | Tier 2 subordinated | BBSW + 1.28% | 2036-03-05 | 2031-03-05 | AUD 200,000 |
| CBA AU3FN0083622 | Floating | Tier 2 subordinated | BBSW + 2.50% | 2043-12-15 | 2038-12-15 | AUD 200,000 |
| NAB AU3FN0082988 | Floating | senior unsecured | BBSW + 0.85% | 2026-11-16 | — | AUD 200,000 |
| NAB AU3FN0066528 | Floating | senior unsecured | BBSW + 0.72% | 2027-02-25 | — | AUD 200,000 |
| NAB AU3FN0087672 | Floating | senior unsecured | BBSW + 0.70% | 2027-05-10 | — | AUD 200,000 |
| NAB AU3FN0073896 | Floating | senior unsecured | BBSW + 1.20% | 2027-11-25 | — | AUD 200,000 |
| NAB XS2964504992 | Floating | senior unsecured | BBSW + 0.60% | 2028-03-19 | — | AUD 200,000 |
| NAB AU3FN0098240 | Floating | senior unsecured | BBSW + 0.78% | 2028-04-14 | — | AUD 200,000 |
| NAB AU3FN0077830 | Floating | senior unsecured | BBSW + 1.00% | 2028-05-12 | — | AUD 200,000 |
| NAB AU3FN0042826 | Floating | senior secured | BBSW + 1.60% | 2028-06-19 | — | AUD 100,000 |
| NAB AU3FN0082996 | Floating | senior unsecured | BBSW + 1.03% | 2028-11-16 | — | AUD 200,000 |
| NAB AU3FN0085742 | Floating | senior unsecured | BBSW + 0.90% | 2029-03-22 | — | AUD 200,000 |
| NAB AU3FN0069845 | Floating | senior unsecured | BBSW + 1.18% | 2029-06-23 | — | AUD 200,000 |
| NAB AU3FN0093613 | Floating | senior unsecured | BBSW + 0.82% | 2029-11-14 | — | AUD 100,000 |
| NAB AU3FN0096699 | Floating | senior unsecured | BBSW + 0.83% | 2030-03-18 | — | AUD 200,000 |
| NAB AU3FN0109823 | Floating | senior unsecured | BBSW + 0.71% | 2031-05-12 | — | AUD 200,000 |
| NAB AU3FN0051587 | Floating | Tier 2 subordinated | BBSW + 2.02% | 2031-11-18 | 2027-02-18 | AUD 200,000 |
| NAB XS2423738041 | Floating | senior unsecured | BBSW + 0.85% | 2031-12-20 | — | AUD 1,000,000 |
| NAB XS2424434541 | Floating | senior unsecured | BBSW + 0.85% | 2031-12-22 | — | AUD 1,000,000 |
| NAB AU3FN0070199 | Floating | Tier 2 subordinated | BBSW + 2.80% | 2032-08-03 | 2027-08-03 | AUD 200,000 |
| NAB AU3FN0075966 | Floating | Tier 2 subordinated | BBSW + 2.17% | 2033-03-09 | 2028-03-09 | AUD 200,000 |
| NAB AU3FN0084828 | Floating | Tier 2 subordinated | BBSW + 1.95% | 2034-02-09 | 2029-02-09 | AUD 200,000 |
| NAB AU3FN0104659 | Floating | Tier 2 subordinated | BBSW + 1.30% | 2035-11-14 | 2030-11-14 | AUD 200,000 |
| NAB AU3FN0083556 | Floating | Tier 2 subordinated | BBSW + 2.50% | 2043-12-06 | 2038-12-06 | AUD 100,000 |
| Westpac AU3FN0084000 | Floating | senior unsecured | BBSW + 0.82% | 2026-12-15 | — | AUD 100,000 |
| Westpac AU3FN0065702 | Floating | senior unsecured | BBSW + 0.70% | 2027-01-25 | — | AUD 100,000 |
| Westpac AU3FN0069217 | Floating | senior unsecured | BBSW + 1.05% | 2027-05-20 | — | AUD 100,000 |
| Westpac AU3FN0073367 | Floating | senior unsecured | BBSW + 1.23% | 2027-11-11 | — | AUD 100,000 |
| Westpac AU3FN0075420 | Floating | senior unsecured | BBSW + 0.98% | 2028-02-16 | — | AUD 100,000 |
| Westpac AU3FN0081279 | Floating | senior unsecured | BBSW + 0.93% | 2028-09-19 | — | AUD 100,000 |
| Westpac AU3FN0084018 | Floating | senior unsecured | BBSW + 1.00% | 2029-01-15 | — | AUD 100,000 |
| Westpac AU3FN0087706 | Floating | senior unsecured | BBSW + 0.88% | 2029-05-14 | — | AUD 100,000 |
| Westpac AU3FN0091880 | Floating | senior unsecured | BBSW + 0.85% | 2029-09-19 | — | AUD 100,000 |
| Westpac AU3FN0094843 | Floating | senior unsecured | BBSW + 0.84% | 2030-01-21 | — | AUD 100,000 |
| Westpac AU3FN0099669 | Floating | senior unsecured | BBSW + 0.83% | 2030-06-19 | — | AUD 100,000 |
| Westpac AU3FN0104535 | Floating | senior unsecured | BBSW + 0.73% | 2030-10-30 | — | AUD 100,000 |
| Westpac AU3FN0058129 | Floating | Tier 2 subordinated | BBSW + 1.55% | 2031-01-29 | 2027-01-29 | AUD 100,000 |
| Westpac AU3FN0079091 | Floating | Tier 2 subordinated | BBSW + 2.30% | 2033-06-23 | 2028-06-23 | AUD 100,000 |
| Westpac AU3FN0086328 | Floating | Tier 2 subordinated | BBSW + 1.88% | 2034-04-03 | 2029-04-03 | AUD 100,000 |
| Westpac AU3FN0089413 | Floating | Tier 2 subordinated | BBSW + 1.67% | 2034-07-10 | 2029-07-10 | AUD 100,000 |
| Westpac AU3FN0095626 | Floating | Tier 2 subordinated | BBSW + 1.52% | 2035-02-12 | 2030-02-12 | AUD 100,000 |
| Westpac AU3FN0113148 | Floating | Tier 2 subordinated | BBSW + 1.27% | 2036-08-20 | — | AUD 100,000 |
About floating rate notes
Floating rate notes pay 3-month BBSW plus a fixed margin, usually quarterly. When BBSW rises the coupon rises, and when it falls the coupon falls.
Because the coupon follows rates, their prices move less with interest rates than fixed rate bonds and mainly follow the bank's credit spread.
The big four's floating rate notes include senior and Tier 2 subordinated notes; the ranking is in the table.
Questions
- Which floating rate notes do the big-four banks have, and what is the minimum?
- Candour Capital currently offers 78 AUD floating rate notes from the big-four Australian banks (ANZ 19, CBA 19, NAB 22, Westpac 18). The minimum investment is AUD 100,000 to AUD 500,000 for bonds issued in Australia (ISIN starting AU) and AUD 200,000 to AUD 1,000,000 for bonds issued offshore (ISIN starting XS). For wholesale and professional investors only.
- How is the coupon set?
- At the start of each coupon period: 3-month BBSW on that day plus the note's fixed margin, e.g. BBSW 3.60% plus 1.30% is 4.90% a year.
- Who can invest?
- Through Candour Capital, wholesale and professional investors only, for example with an accountant's s708 certificate.
- Where are the prices and yields?
- Live reference prices and yields are in the Candour app for signed-in users and change with the market.
Related
- Big-four Australian bank Tier 2 bonds
- Big-four Australian bank senior bonds
- Australian rates and credit spreads
- All bond terms
Minimums are those for investing through Candour Capital. Prices, yields and ratings are in the Candour app for signed-in users.
Sign in for live prices