This might be good for those seeking nice quarterly interest income. The spread is going to be around the 4% above the 90 day bank bill. At current rates that is 7% grossed up. I am an investor of these kinds of products and find it a nice way to achieve a passive income. 3 years ago you would have been lucky to get 1% over the 90 bill rate, this one is certainly interesting. For more info click on the following link http://www.westpac.com.au/internet/p...+II+Disclaimer
The Offer is for Westpac SPS II at an Issue Price of $100 each to raise
approximately $500 million with the ability to raise more or less.
Westpac SPS II are subordinated, unguaranteed securities which are expected to pay fully franked, non-cumulative, floating rate, quarterly Distributions.