Noting the fine print in Westpac issue

We look at why Westpac’s SubNote issue is paying less than its peers.

Westpac launched its first Basel III compliant subordinated note issue last week. The size of the issue was set at a minimum of $750 million and the credit spread range is 2.30% to 2.45% per annum.

Following a bookbuild today, the issue size was increased to a minimum of $850 million and the credit spread for the coupon was set at the low end of the range. 

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