(b) On January 9, Reuters announced a US$2.6 billion bond offering by the Australia and New Zealand Banking Group. The following is reproduced from the announcement: Issue: : US$2.6 bln 144a reg S 2, 3-year The offer comprised US$1.9 bln 3-year at 100bp/swap and US$700 mln 2-yr at 70bp/Libor. Participants (Before the offer was increased) 45 investors. For the 3-year tranche, 65% from North America, 10% from Europe, 20% Asia, 10% others. For the 2-year tranche: 40% from North America, 20% from Europe, 40% from Asia. Describe this bond offering. (15 marks) (b) On January 9, Reuters announced a US$2.6 billion bond offering by the Australia and New Zealand Banking Group. The following is reproduced from the announcement: Issue: : US$2.6 bln 144a reg S 2, 3-year The offer comprised US$1.9 bln 3-year at 100bp/swap and US$700 mln 2-yr at 70bp/Libor. Participants (Before the offer was increased) 45 investors. For the 3-year tranche, 65% from North America, 10% from Europe, 20% Asia, 10% others. For the 2-year tranche: 40% from North America, 20% from Europe, 40% from Asia. Describe this bond offering. (15 marks)