Westpac Bank has announced plans to issue a new subordinated capital note - more details early next week. Interest rate may be around 6.50%.
They are expected to have a credit rating of A- from Standard and Poor's.
These will have a set maturity date of 10.5 years; however, Westpac will have the option of repaying these notes under certain conditions after 5.5 years.

I'd like a bit higher rate for Tier 2 capital (unsecured-subordinated) but have done okay in the past with similar issues from ANZ.
Will be interesting to see the final terms when they are released this week.