Westpac sets 5 year bond issue to raise at least NZ$50 mln

Westpac has relaunched a 5 year bond issue aimed at retail investors to raise over NZ$50 million. The bond is set to have an interest rate of 142 basis points above the mid-swap rate, Kanganews reported. This includes a retail brokerage fee of 50 basis points, which has become a common feature in retail bond issues by banks in recent months. The issue is set to be priced on November 20.* This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.