Westpac raises A$1.32 billion from Capital Notes 3
Westpac has raised A$1.32 billion from its Capital Notes 3 issue - well above the $750 million the bank said it was seeking when it launched the offer at the end of July.The notes will qualify as additional tier one capital.The margin on the notes is 400 basis points, which is at the low end of the bank's indicative range going into the bookbuild.The maximum number of shares that may be issued upon conversion has been set at 6.4 ordinary shares per note if conversion occurs on a scheduled conversion date.