ANZ, rated Aa3 by Moody's and AA- (with a negative outlook) by S&P, has priced an A$225 million Australian dollar denominated Tier 2 subordinated 15NC10 EMTN transaction (ie, notes with a 15-year tenor and a one-time optional call after ten years). The new transaction priced at par with a coupon of 4.75 per cent for the fixed rate tranche, payable annually, and a reoffer yield of 4.75 per cent. This equates to a spread of 194 basis points over SQ MS.  Settlement date is 7 September 2017.  The subordinated notes are expected to be rated Baa1 by Moody's and BBB by S&P. The notes will be listed on the ASX. ANZ and Daiwa are joint lead managers.