Westpac has released the prospectus for its Capital Notes 5 offer, which is expected to open on 13 February and raise approximately $750 million.
Westpac's latest tier 1 capital vehicle, Westpac Capital Notes 5, will open to investors on 13 February.
The hybrid security is expected to have a margin of between 3.2 and 3.4 per cent above the 90-day bank bill rate.
Westpac Capital Notes 5 has been launched to replace Westpac's convertible preference shares (CPS), which are due to convert/redeem on 3 April 2018.
Eligible Westpac CPS holders will be given an opportunity to reinvest all of their existing securities into Westpac Capital Notes 5.
The closing date for the offer is expected to be 6 March 2018.
Magellan chairman and CIO Hamish Douglass has said he’s not afraid of missing out on a “short-term market rally” and that mutant virus...
BlackRock has reported a 17 per cent growth in its assets under management for the past year, now reaching US$8.7 trillion ($11.1 trillion)....
Pendal Group has closed the December quarter with a $5 billion increase to its funds under management, a rise of 5.4 per cent. ...