Westpac Banking to sell fixed-rate notes, floaters in three tranches; talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., May 25 – Westpac Banking Corp. intends to offer dollar-denominated notes in three parts, according to a 424B5 filing with the Securities and Exchange Commission and a market source.

The Sydney, Australia-based bank plans to sell fixed rate notes and floating-rate notes, which will have a coupon based on SOFR. The fixed-rate notes are due June 3, 2026, with talk in the Treasuries plus 62.5 basis points area, and June 3, 2031, with talk in the Treasuries plus 87.5 bps area.

The notes are non-callable.

BofA Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Westpac Banking Corp. are the bookrunners.

Proceeds will be used for general corporate purposes.

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