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  1. #1
    Senior Member
    Join Date
    May 2007
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    Auckland, , New Zealand.
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    804

    Default Westpac Capital Notes Issue

    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.

  2. #2
    Guru
    Join Date
    Aug 2012
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    4,762

    Default

    Last year’s issue WNZ1T2 at 6.19% interest rate have done OK considering that interest rates have gone up over the past year. $600m were issued I think.

  3. #3
    Senior Member
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    May 2007
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    Auckland, , New Zealand.
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    804

    Default

    This one is $100 million-or as much as they want.....

    'Westpac New Zealand Limited (WNZL) is considering making an offer of up to NZ$100 million (with the ability to accept unlimited oversubscriptions at WNZL’s discretion) of unsecured subordinated notes (Notes).'

  4. #4
    Member
    Join Date
    Feb 2022
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    37

    Default

    600million have been allocated to brokers. I applied for $7000 hope to not be scaled back.

  5. #5
    Senior Member
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    May 2007
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    Auckland, , New Zealand.
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    Default

    Rate set at 6.73%.
    I got the amount I applied for, so I doubt you'll be scaled.

  6. #6
    Guru
    Join Date
    Aug 2012
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    4,762

    Default

    Quote Originally Posted by Grimy View Post
    Rate set at 6.73%.
    I got the amount I applied for, so I doubt you'll be scaled.
    My application through Jarden was scaled back by 10%. It must have been popular if $600m were allocated in the end.
    Last edited by Bjauck; 04-08-2023 at 10:10 AM.

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