Westpac Bank has just announced the launch of a new income offer: Westpac Subordinated Notes II.The first round of access is through a broker firm allocation, prior to shareholder offer and listing in August.
The Notes will pay a quarterly coupon of 2.30%-2.45% (rate determined by the bookbuild) over the 90 day bank bill swap rate (BBSW), which was 2.76% as of 12th July, with an initial indicative rate of 5.06%-5.21%pa. (The first pricing is due to be set on date of issue) The Notes are
