Citi and UBS test Aussie retail market with hybrid

Offer opens on A$259 million exchangeable note deal.

This week sees joint lead managers Citigroup and UBS test Australian retail investors' appetite for hybrid securities. An offer of amortizing, exchangeable unsecuritized notes is being made in the hope of raising A$259 million.

The issuer is Westpac Funds Management Limited and the cash will be used to partly fund the bank's recent purchase of a sizable stake in the oil and gas fields of the Cooper Basin.

The securities called FIELDS...

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