Westpac Banking Issues $1.5 Billion Subordinated Notes

Westpac Banking (AU:WBC) has released an update.

Westpac Banking Corporation has announced the issuance of US$1.5 billion in Tier 2 Subordinated Notes, which are expected to be considered Tier 2 regulatory capital under Australia’s Basel III framework. These notes carry an interest rate of 5.618% and are due in 2035. If deemed non-viable by the Australian Prudential Regulation Authority, the notes may be converted into fully paid ordinary shares or written off.

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