Westpac NZ lists $600m of bonds on NZX

Westpac New Zealand ringing the bell in recognition of becoming a listed debt issuer. (Photo: NZX)

Mon, 19 Sep 2022

The local division of Australian banking group Westpac has listed $600 million of bonds on NZX's debt market, separately from its parent. Westpac rang the NZX bell today to celebrate the launch of the bonds, raising money to meet the Reserve Bank of New Zealand’s (RBNZ) new capital requirements.The unsecured subordinated notes have a term of 10 years, set at a fixed interest rate of 6.19% for the first five years before moving onto a floating rate which resets each quarter.The RBNZ requires Westpac NZ to maintain enough capital t...

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