Westpac goes like-for-like to refinance St.George hybrids

Facing the forthcoming expected conversion date of A$875 million (US$559.2 billion) of hybrids issued by the recently-acquired St.George Bank (St.George) on March 31, Westpac Banking Corporation (AA/Aa1) (Westpac) announced the launch of a new tier 1 (T1) hybrid security on February 20.