The Courier-Mail

Westpac doubles capital raising with $1.32b haul

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WESTPAC has raised $1.32 billion from its capital notes 3 issuing, nearly double the $750 million the bank said it had expected to receive.

The capital qualifies as extra Tier 1 Capital under the Australian Prudential Regulation Authority’s regulatory framework. APRA is giving banks until July next year to lift the amount of cash they hold against their mortgages from a ratio of 16 per cent to 25 per cent.

Since May, Australia’s biggest lenders have raised a combined $15 billion in equity.

Westpac said it sold more than 13 million notes at a face value of $100 each, with UBS Wealth management picking up nearly 6 per cent of notes issued.

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