Two of Australia's four biggest banks last week made sizeable inroads into their newly increased capital requirements with a pair of record-breaking Tier 2 offerings that highlighted the gulf in size, tenor and pricing between local and international markets. WESTPAC was first out of the blocks with a stunning US$2.25bn dual-tranche SEC-registered sale last Tuesday, before anz followed three days later with a domestic A$1.75bn (US$1.22bn) 10-year non-call five issue.
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