Westpac CPS: Suckers wanted

Fancy equity-like risks for a debt-like rate of return? Thought not. Gareth Brown explains why only suckers need apply.

Amid a flurry of subordinated notes offers, Westpac is trying its luck with Convertible Preference Shares.

These rank lower than subordinated notes, both in terms of their position in the event of insolvency and in priority of distribution/dividend payments. As their name implies, preference shares are more like equity than debt.

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