Westpac hybrid falls short of shares

Westpac is leading the hybrids charge in 2013, but its shares are paying more right now.

Westpac has announced a minimum $500 million hybrid note issue, with an optional March, 2019 redemption/transfer date and a scheduled conversion date two years later. This is the first hybrid note offering of 2013 and is likely to be quickly followed by an issue from NAB, according to market sources.

Further issuance by banks can be expected in 2013 as they move to shore-up their Additional Tier 1 Capital levels. Existing capital, that is not Basel III compliant, has already begun to amortise by 10% per annum, straight-line.

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