Investors bear ‘very tight’ Westpac AT1

By Tyler Davies
14 Sep 2017

Westpac was able to squeeze the pricing through fair value for its debut additional tier one (AT1) in dollars this week.

The Australian lender hired CitiHSBCJP Morgan and UBS to arrange the sale of the $1.25bn perpetual non-call 10 year AT1, which was SEC registered.

The bookrunners started pricing at 5.375% area on Tuesday morning, and set a final coupon at 5%. The bonds were quoted up to a ...

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