ANZ’s latest hybrid security offering has had its margin set at the lower end of the indicative range after the early close of a book-build process. The margin on ANZ Capital Notes 4 has been set at 4.70% and, when added to the current 90 day bank bill swap rate (BBSW) of 1.75%, investors will receive an initial 6.45% pa, inclusive of franking credits. The actual amount of income investors...