Westpac Banking Corporation (ASX:WBC) has announced a $500 million subordinated notes offering.
The bank’s Treasurer says it provides an opportunity for investors to diversify their investment portfolio with regular quarterly interest payments.
Westpac is offering a floating rate margin in the range of 2.75 -2.95 per cent over a 90 day bank bill rate.
The news comes after it cautioned earlier this month, that the financial services sector will continue to have subdued growth over the medium-term due to a broader structural change in the banking landscape amid softening mortgage lending rates.
In the first half of the 2012 financial year Westpac reported a net profit of $3 billion.