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Westpac Banking issues A$1.69B of notes

Westpac Banking Corp. raised A$1.69 billion via an offering of capital notes.

The bank issued about 16.9 million capital notes 5 at A$100 each. The distribution rate was set at 3.5875% and the first distribution of 99.27 cents per note is expected to be paid on June 22.

The notes are fully paid, noncumulative, convertible, transferable, redeemable, subordinated, perpetual and unsecured.

The notes are expected to commence trading on the ASX on a normal settlement basis on March 21.