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Westpac issues A$130M of Tier 2 notes

Westpac Banking Corp. issued A$130 million of Tier 2 subordinated notes under its US$70 billion debt program.

The notes carry an annual interest rate of 5% and will mature March 2, 2048, according to a March 5 release.

The notes will be treated as Tier 2 regulatory capital under the Basel III capital adequacy framework implemented by the Australian Prudential Regulation Authority.