Westpac has completed the bookbuild for its latest hybrid issue, Capital Notes 7, setting the margin at 340 basis points over the three-month bank bill swap rate – the lower end of its indicative range. The offer size has been increased from A$750 million at launch to around $1.4 billion.

Meanwhile, Pepper Group has completed its fourth issue of residential mortgage-backed securities since June, raising A$750 million in the latest deal and $3.55 billion in total. The issue, PRS 28, was a non-conforming securitisation. Pricing on the issue included a margin of 90 basis points over the one-month bank bill swap rate on the A1-s notes, a margin of 140 bps on the A1-a notes, 175 bps on the A2 notes, 201 bps on the B notes and 275 bps on the C notes.