Westpac Launches A New Hybrid – Westpac Capital Notes 7

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Westpac Launches A New Hybrid – Westpac Capital Notes 7

Today, Westpac launched a new Tier 1 hybrid, raising funds to repay the WBCPF due for first optional call in March 2021.

Westpac is the first major bank to launch a new issue this year and with an expected margin over 3 month BBSW of 340 – 360 basis points (100 basis points = 1%) it’s likely to be much sought after given the ongoing deterioration in deposit rates.

The bank hopes to raise $750 million but may increase the amount. It has been two years since Westpac last issued in the market.

The offer comprises a priority offer to registered holders of Westpac Capital Notes 3; a Westpac securityholder offer, a broker firm offer, and an institutional offer. There is no general public offer of notes. Refer to the prospectus for full details.

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