Westpac Banking Corporation (Westpac)'s decision to issue the first Kauri Basel-III compliant bank tier-two transaction was driven by a desire for further diversification of tier-two product, the issuer tells KangaNews. The fact that the transaction was issued out of the Australian head office provided a point of difference to recent Basel-III compliant tier-two trades in New Zealand as well as an additional layer of comfort – and was a key attraction for investors, lead managers add.