St George launches A$300 million preference share issue

The deal, which prices next week, is the first under new regulations governing tier-1 capital issuance by Australian banks.

St George Bank has launched an up to A$300 million $225 million hybrid tier-1 capital offer in the form of converting preference shares via joint leads UBS and Goldman Sachs JBWere. The bookbuild to determine the margin opens on November 15 with pricing due to take place a day later. The shares will trade on the ASX.

The bank will issue 2.5 million shares at A$100 each to raise up to A$250 million, with an ability to accept...

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