Westpac markets hybrid capital

Westpac said it planned to raise about $500 million in capital through the sale of floating rate “trust preferred securities”. The TPS will be offered to eligible holders of Westpac ordinary shares and Westpac eligible security holders. The securities will be priced above the three month bank bill swap rate with the initial margin expected to be 1.0 to 1.1 per cent per annum up until the step-up date of June 30, 2016. The margin will be announced May 16.