When CBA announced the redemption of its PERLS III (ASX code PCAPA) step-ups in late March, speculation arose as to Westpac’s intentions with regards to Trust Preferred Securities (TPS) step-up units. This was all but confirmed in early May when Westpac released its half year results and said its policy was to replaces non-Basel III compliant securities. Westpac has now confirmed it will be redeeming its non-Basel III compliant TPS units (ASX code: WCTPA) on the step-up date, which is 30 June 2016. The redemption amount is $100.00 and the final distribution of $0.5724 per TPS unit will be paid on the same day. The last day of trading in the units is 10 June, 2016 and holders will be able to access the reinvestment option offered by Westpac in regards to the Westpac Capital Notes IV offer just announced today.\
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