Big-four Australian bank senior bonds: which bonds, and the minimum investment
Candour Capital currently offers 75 AUD senior bonds from the big-four Australian banks (ANZ 18, CBA 19, NAB 23, Westpac 15). 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 5,000,000 for bonds issued offshore (ISIN starting XS). For wholesale and professional investors only.
| Bank | Bonds | Minimum investment | Maturing |
|---|---|---|---|
| ANZ | 18 | AUD 100,000 to AUD 5,000,000 | 2027–2038 |
| CBA | 19 | AUD 100,000 to AUD 500,000 | 2026–2036 |
| NAB | 23 | AUD 100,000 to AUD 1,000,000 | 2026–2037 |
| Westpac | 15 | AUD 100,000 to AUD 500,000 | 2026–2038 |
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 AU3CB0293751 | Fixed | senior unsecured | 5.35% | 2027-11-04 | — | 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 AU3CB0334506 | Fixed | senior unsecured | 5.4% | 2031-05-12 | — | 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 XS3272095582 | Fixed | senior unsecured | 5.34% | 2036-01-14 | — | AUD 1,000,000 |
| ANZ XS2545193919 | Fixed | senior unsecured | 5.605% | 2037-10-12 | 2032-10-12 | AUD 1,000,000 |
| ANZ XS2588854062 | Fixed | senior unsecured | 5.3% | 2038-02-23 | 2033-02-23 | AUD 5,000,000 |
| 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 XS2544646602 | Fixed | senior unsecured | 5.268% | 2029-10-12 | — | AUD 500,000 |
| 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 AU3CB0330090 | Fixed | senior unsecured | 5.03% | 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 AU3CB0297612 | Fixed | senior unsecured | 5.494% | 2033-03-09 | — | AUD 250,000 |
| CBA XS2806413832 | Fixed | senior unsecured | 5.25% | 2034-10-19 | 2029-04-19 | AUD 200,000 |
| CBA AU3CB0328607 | Fixed | senior unsecured | 5.27% | 2035-11-21 | — | AUD 200,000 |
| CBA AU3CB0329522 | Fixed | senior unsecured | 5.52% | 2035-12-17 | — | AUD 200,000 |
| CBA AU3CB0330801 | Fixed | senior unsecured | 5.52% | 2036-01-28 | — | AUD 200,000 |
| NAB AU3FN0082988 | Floating | senior unsecured | BBSW + 0.85% | 2026-11-16 | — | AUD 200,000 |
| NAB AU3CB0304426 | Fixed | senior unsecured | 5.2% | 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 AU3CB0304434 | Fixed | senior unsecured | 5.4% | 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 AU3CB0315463 | Fixed | senior unsecured | 5% | 2029-11-14 | — | 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 AU3CB0334613 | Fixed | senior unsecured | 5.378% | 2031-05-12 | — | AUD 200,000 |
| NAB AU3FN0109823 | Floating | senior unsecured | BBSW + 0.71% | 2031-05-12 | — | 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 AU3CB0327062 | Fixed | senior unsecured | 5.1% | 2035-10-16 | — | AUD 200,000 |
| NAB XS3439960470 | Fixed | senior unsecured | 5.52% | 2036-07-14 | — | AUD 200,000 |
| NAB XS2569290583 | Fixed | senior unsecured | 5.38% | 2037-12-21 | — | AUD 200,000 |
| 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 AU3CB0294023 | Fixed | senior unsecured | 5.3% | 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 AU3CB0331148 | Fixed | senior unsecured | 5.141% | 2031-02-12 | — | AUD 100,000 |
| Westpac XS2586740735 | Fixed | senior unsecured | 5.33% | 2038-02-16 | — | AUD 500,000 |
About senior bonds
Senior bonds are a bank's ordinary bonds. They rank ahead of Tier 2, Additional Tier 1 and ordinary shares, alongside the bank's other general debts.
They are not regulatory capital and have no non-viability conversion or write-off clause, so they usually pay less than the same bank's Tier 2 bonds.
The big four's senior bonds mostly run 2 to 10 years, either fixed rate or floating at BBSW plus a margin.
Bonds marked senior secured are covered bonds, backed by a pool of the bank's home loans and ranking ahead of unsecured senior bonds.
Questions
- Which senior bonds do the big-four banks have, and what is the minimum?
- Candour Capital currently offers 75 AUD senior bonds from the big-four Australian banks (ANZ 18, CBA 19, NAB 23, Westpac 15). 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 5,000,000 for bonds issued offshore (ISIN starting XS). For wholesale and professional investors only.
- Senior or Tier 2?
- Senior bonds rank higher and have simpler terms but pay less; Tier 2 bonds pay more but rank lower and carry a non-viability clause. Which suits you depends on your goals and risk tolerance; discuss it with an adviser.
- 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 floating rate notes
- 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