Westpac’s new hybrid is no bargain!

Co-founder of the Switzer Super Report
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On Friday, Westpac announced that the offer size for its new hybrid security issue, Westpac Capital Notes 5, had been increased to $1.45 billion and the margin set at the bottom of the range. While this suggests that underlying demand is pretty strong, I think that this is an issue that it may pay to sit out on. It is no bargain.

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