Westpac Capital Notes

Westpac are back with their snouts in the hybrids trough. When the dust finally settles on the junk bond party, will they get the prize for the issuer who made the most of the opportunity? This time they’re in the mood for a note issue and they’ve launched Westpac Capital Notes as a follow-up to Westpac CPS and Westpac Subordinated Notes. Don’t be fooled by the description. These hybrids are almost completely lacking in contractual rights – for instance, dividends and repayment are voluntary – so little turns on whether it is a note or preference share. The Capital Notes,...

Westpac are back with their snouts in the hybrids trough. When the dust finally settles on the junk bond party, will they get the prize for the issuer who made the most of the opportunity?

This time they’re in the mood for a note issue and they’ve launched Westpac Capital Notes as a follow-up to Westpac CPS and Westpac Subordinated Notes.

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