In the minds of the general public, Swiss franc transactions are often associated with tax evasion but in this case rather than depositing funds in Swiss francs, Westpac is borrowing in that currency. Australian banks are generally not known for issuing a lot of bonds in Switzerland so this transaction tends to stand out, although in this case it is the New Zealand subsidiary which is the issuer. CHF375 million (AUD$540 million) worth of bonds were issued at Swap + 150bps, with a maturity date in 2024 and a 0.375% coupon.