Westpac Banking (ASX:WBC, NZE:WBC) will issue SG$500 million worth of 3% subordinated instruments due 2038 on Tuesday, according to a same-day filing with the Australian bourse.
The instruments are expected to qualify as Tier 2 regulatory capital under Basel III rules, per the filing.
The company said it plans to use the proceeds from the issue for general corporate purposes.
Westpac Banking's Australian and New Zealand shares each gained 1% in recent Tuesday trade.
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