ANZ Banking Group became the first Australian bank to issue callable tier-two securities this year with the 30 January pricing of a €1 billion (US$1.1 billion) 10-year non-call five-year tier-two transaction. The Sustainability format (SDG) continues to generate good support from EUR investors. Tier-two sentiment appears to have improved following the Australian Prudential Regulation Authority approval of Westpac Banking Corporation’s request to redeem a domestic tier-two note on its first call date.