The SPS II tier 1 (T1) offering opened by Westpac Banking Corporation (Westpac) on February 20 has had its margin set towards the tighter end of its indicative range and has also been upsized to A$700 million (US452 million), although even the increased volume will fall short of the combined outstanding in the three St.George Bank (St.George) hybrids SPS II is designed to refinance.
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