Westpac lifts hybrid to $700m
Westpac yesterday finalised pricing for its sale of hybrid securities, and succeeded in selling more than planned and setting an interest rate toward the low end of its target range.The bank increased issue of Westpac Stapled Preferred Securities II to $700 million from A$500 million. The issue converts to ordinary shares after five years.Westpac set the margin on the hybrids at 3.80 percent over the swap rate. The bank had marketed the hybrids with an indicative margin in the range of 3.7 per cent to 4.0 per cent.