Westpac to raise $750m in notes on offer

Lender says notes will qualify as Tier 1 capital under APRA's framework.

Westpac Banking Corporation (WBC) is aiming to raise approximately $750 million in a capital notes offer, saying the notes will qualify as additional Tier 1 capital under the Australian Prudential Regulation Authority's Basel III capital adequacy framework.

The lender expects the margin to be in the range of 3.05% to 3.2% per annum, determined under the bookbuild.

The notes will have an issue price of $100 each, with distributions paid quarterly in arrear. 



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