Westpac’s $ 750m bid
WESTPAC will look to raise $ 750 million through a notes offer to lift its capital reserves ahead of a move from the banking regulator. The capital notes will have an issue price of $ 100 and will pay a quarterly distribution. Westpac said the notes will help strengthen its capital position, while also saying the proceeds will be used for general business purposes. The move comes after the Australian Prudential Regulatory Authority said it would increase mortgage risk weights for the major banks and consider ways to lift Australian bank capital levels to the top quartile of global peers.