New Westpac hybrid issue likely in June

02 May 2016

 

Westpac Trust Preferred Securities units look set to be redeemed in June at their interest step-up date. In Westpac’s latest half-yearly report, the bank stated its policy was to replace instruments which are not Basel III compliant. Westpac’s TPS will lose their Additional Tier 1 (AT1) status from 30 June, which coincidentally is the step-up date for the TPS units, so a new AT1 issue is likely to be announced...

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