Westpac Banking Corporation announced today they had agreed to allocate $1.25 billion of Westpac Capital Notes 3 under the bookbuild and set the interest margin for the issue at 4.00% per annum. This was the low end of the range (4.00-4.20% per annum) and equates to a yield of 6.125% based on the 90-Day BBSW (Mid) set on 5 August 2015. The securityholder offer is now open and based on previous offers we expect this security to be upsized to over $1.3 billion.
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