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.
