Powered by MOMENTUM MEDIA
investor daily logo

Westpac announces NZ$250m capital raising

  •  
By Reporter
  •  
2 minute read

Westpac has announced a new bank notes offer aimed exclusively at New Zealand investors, following the success of the bank's capital notes offer earlier this year.

The new subordinated notes offer will open in August, and the notes have a 10-year term, set to be repaid in September 2026.

Westpac will offer up to NZ$250 (AU$234.28) million of unsecured, subordinated, fixed-rate notes with the ability to accept unlimited oversubscriptions.

The notes are being issued to raise money to meet Australian Prudential Regulation Authority (APRA) requirements and will be treated as tier-two capital under APRA’s Basel III prudential standards.

==
==

The issue comes a few weeks after Westpac's previous capital notes offer, which was open to Australian investors but not those in New Zealand, raised $1.7 billion in capital.

The new notes will have a fixed interest rate, which will be re-set in 2021 when the first optional redemption becomes available to noteholders.

 

Read more:

Traditional assets not suitable for retirement: BetaShares

Northern Trust hires former CBA analyst

Dealer group survey launched

Infrastructure can outpace 'low growth' world

Planning practice valuations reach 8-year high

Westpac announces NZ$250m capital raising

Westpac has announced a new bank notes offer aimed exclusively at New Zealand investors, following the success of the bank's capital notes offer earlier this year.

investordaily image
investordaily image
ID logo

Comments powered by CComment