Allens and Herbert Smith Freehills have confirmed that they were the advisors on Westpac’s $500m hybrid capital notes offering. Allens’ Stuart McCulloch and Julian Donnan advised Westpac while Herbert Smith’s Philippa Stone and Patrick Lowden advised the joint lead managers.

Herbert Smith Freehills partner Philippa Stone said that the firm had seen “an increasing number of Australian banks offering hybrid securities to the retail market since the release of APRA’s new Basel III prudential standards in 2012.”