Never underestimate greedy bankers. They will often take as much money as they can get. It will prop up their lending ratios.
As a measure of the big 4+1 last time they had SPP.
Westpac late last year wanted $500M they got $700M and ate it all no scaleback. Single digit discount.
Macquarie 3Q last year wanted $600M got $679M and ate it all no scaleback. Double digit discount.
Also fair to keep in mind usually only up to 50% of retail participates in capital raisings. For instance only 45% participated in Cochlear’s raise when the discount was 25%. There is still a chance of scaleback but why pass up a chance at free money? If the discount is double digit why are we even discussing the semantics of scalebacks?
NAB SPP, page-39
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