FINWIRES · TerminalLIVE
FINWIRES

Westpac Banking Issues Tier 2 Subordinated Notes

By

Westpac Banking (ASX:WBC. NZE:WBC) issued AU$250 million fixed-rate to floating-rate callable subordinated notes due Aug. 20, 2036, and AU$1.25 billion floating-rate callable subordinated notes due Aug. 20, 2036, on Wednesday, according to a Friday Australian bourse filing.

The notes are expected to be treated as Tier 2 regulatory capital under the Basel III capital adequacy framework, and the issuance is expected to raise its Tier 2 regulatory capital to satisfy Westpac's regulatory requirements.

The fixed-rate to floating-rate notes will carry an interest rate of 5.901% per annum payable semi-annually in arrears until the first optional redemption date on Aug. 20, 2031, after which the interest rate shall be based on the bank bill swap rate. The interest rate for the floating rate notes will also be based on the bank bill swap rate.

Related Articles

Asia

Fitch Keeps Petrovietnam Refining and Petrochemical's Rating at BB+, Outlook Stable

Fitch Ratings affirmed Petrovietnam Refining and Petrochemical's (HOSE:BSR) long-term issuer default rating at BB+, with a stable outlook.Fitch said the company's standalone credit profile of bb- reflects its strong market position and robust financial profile, partly offset by the small scale and below-average complexity of its Dung Quat refinery.The agency expects the company's refinery upgrade and expansion to raise capacity by 15% to 171,000 barrels per day.Fitch expects Petrovietnam Refining and Petrochemical to remain in a net cash position over the next two to three years despite rising capex during construction.The rating could be downgraded if PVN's rating falls or its incentives to support BSR weaken, while an upgrade would depend on a higher PVN rating with support incentives intact.

HOSE:BSR
Asia

Kingsoft Office Software H1 Profit Up 237%, Revenue Climbs 25%

Beijing Kingsoft Office Software (SHA:688111) posted first-half attributable net profit of 2.52 billion yuan, up 237% from 747.2 million yuan the previous year.Earnings per share rose to 5.41 yuan from 1.61 yuan, according to a Thursday filing with the Shanghai bourse.Revenue climbed 25% year over year to 3.31 billion yuan from 2.66 billion yuan.

SHA:688111
Asia

Bank of Ningbo's H1 Profit, Revenue Rise 12%; Shares Up 3%

Bank of Ningbo's (SHE:002142) net profit attributable to shareholders in the first half rose 12% to 16.6 billion yuan from 14.8 billion yuan a year earlier, according to a Shenzhen bourse filing on Thursday.Earnings per share increased year on year to 2.51 yuan from 2.24 yuan.Operating revenue also climbed 12% to 41.5 billion yuan from 37.2 billion yuan in the prior year.The lender said it will distribute a cash dividend of 4 yuan for every ten shares to registered shareholders.The company's shares rose 3% during the morning trade.

SHE:002142