Lead managers on retail offerings in the Australian market in the past two months say all three deals have received strong support from retail investors, who they say are ready to look at income-generating assets offering good margins and a high yield. Investors have been offered five-year senior bonds of Tabcorp (BBB+), 10NC5 lower tier two (LT2) paper from AMP Group (AMP) (A/A2) and the mandatory convertible hybrid securities sold by Westpac Banking Corporation (Westpac) (AA/Aa1/AA-).

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