Grimy
29-07-2023, 08:58 AM
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.
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.