Westpac Capital Notes: A fresh face but the same old story

Key Points Westpac Capital Notes are a slight makeover from the Westpac CPS Like earlier hybrids there’s lots of downside and little upside Westpac TPS are a more attractive option 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...

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).

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