Westpac are back with its snouts in the hybrids trough. When the dust finally settles on the junk bond party, will it get the prize for the issuer who made the most of the opportunity?
This time it's in the mood for a note issue and it has launched Maximum Conversion Number. However, for the Capital Notes, this falls to 20% on an early conversion caused by one of the triggers above. As we explained in reinvestment risk).