ANZ updates covered bond program documents

MELBOURNE - Australia and New Zealand Banking Group Limited (ANZ) has announced amendments to its U.S.$30 billion Global Covered Bond Programme, affecting a range of existing covered bonds with various maturity dates. The changes were enacted through a deed dated Monday, May 16, 2025, and took effect the same day.

The modifications include updates to the Asset Monitor Agreement, Mortgage Sale Agreement, Definitions Schedule, and the ISDA Schedules related to Interest Rate Swap and Master Contingent Covered Bond Swap Agreements. Notably, the amendments involve the insertion of a new clause addressing communications sent by electronic means, which no longer need to be marked for attention in the specified way but must state the sender’s full name. These communications are considered to be in writing and signed by the sender.

Furthermore, specific clauses in the Asset Monitor Agreement and Mortgage Sale Agreement have been amended to reflect these changes in electronic communication. Schedule 4 of the Asset Monitor Agreement, which pertains to the Asset Monitor Statutory Report, has also been replaced entirely as outlined in the amending deed.

In the Mortgage Sale Agreement, references to the company "ANZ Capel Court Limited" have been updated to "Institutional Securitisation Services Limited (formerly ANZ Capel Court Limited)." Additionally, adjustments have been made to the notice details of the parties involved in the agreements.

The Definitions Schedule saw the removal and addition of certain definitions, with changes made to existing definitions such as "Business Day," "Interest Payment Date," and "Programme Documents," among others.

The ISDA Schedules for both the Interest Rate Swap Agreement and the Master Contingent Covered Bond Swap Agreement underwent amendments to various parts and the inclusion of new provisions regarding privacy and the disclosure of personal information.

Holders of the covered bonds can access copies of the Amending Deed by making a written request and providing proof of holding to the satisfaction of the Covered Bond Paying Agent.

The announcement emphasizes that bondholders seeking advice on the implications of these amendments should consult their financial and legal advisors. This notice, issued by ANZ’s Group Treasurer Adrian Went, is based on a press release statement from the company.

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