Westpac opens AT1 capital notes transaction

Westpac Banking Corporation (Westpac) opened its additional tier-one (AT1) capital notes transaction on 13 February, with the volume increased to A$1.45 billion (US$1.1 billion) from A$750 million at launch. Following a bookbuild, which closed on 9 February, the margin has been set at 320 basis points over three-month bank bills.