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Bond Market News
Australian Regulator Increases Capital Add-On for ANZ
April 3, 2025
Australia’s regulator, APRA increased ANZ’s capital buffer requirement from AUD 750mn ($471mn) to AUD 1bn ($627.6mn). This comes after APRA accepted a court-enforceable undertaking from ANZ Group to improve its non-financial risk management and risk culture. The move follows an independent review into ANZ’s risk management after suspected misconduct in its bond trading unit, where the bank allegedly overstated the value of traded government bonds by over AUD 50bn ($31.4bn) over a one-year period. While ANZ has not confirmed this figure, regulators are investigating. The review found broader weaknesses beyond the bond trading unit, undermining ANZ’s previous remediation efforts. ANZ has accepted all review recommendations and is taking immediate action. Despite strong financial stability, the outgoing CEO Shayne Elliott acknowledged the need for further improvements over the next two to three years.
ANZ’s bonds traded stable with its 5% 2026s at 100.7 cents on the dollar, yielding 4.28%
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