By Cristal Cody
Chicago, May 25 – Westpac Banking Corp. sold $2.75 billion of notes in three parts on Tuesday, according to a 424B5 filing with the Securities and Exchange Commission and a market source.
The Sydney, Australia-based bank sold a $300 million tranche of floating-rate notes due June 3, 2026 with a rate based on SOFR plus 52 basis points.
The first fixed-rate tranche was sold as $1.45 billion of 1.15% five-year notes with a Treasuries plus 40 bps spread, low to talk in the Treasuries plus 62.5 bps area.
A $1 billion part of 10-year notes priced with a 2.15% coupon for a Treasuries plus 60 bps spread, low to 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.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $2.75 billion
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Westpac Banking Corp.
|
| Trade date: | May 25
|
|
|
| Floating-rate notes
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| Amount: | $300 million
|
| Issue: | Floating-rate notes
|
| Maturity: | June 3, 2026
|
| Coupon: | SOFR plus 52 bps
|
| Call: | Non-callable
|
|
|
| 2026 notes
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| Amount: | $1.45 billion
|
| Issue: | Fixed-rate notes
|
| Maturity: | June 3, 2026
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| Coupon: | 1.15%
|
| Spread: | Treasuries plus 40 bps
|
| Call features: | Non-callable
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| Price talk: | Treasuries plus 62.5 bps area
|
|
|
| 2031 notes
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| Amount: | $1 billion
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| Issue: | Fixed-rate notes
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| Maturity: | June 3, 2031
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| Coupon: | 2.15%
|
| Spread: | Treasuries plus 60 bps
|
| Call features: | Non-callable
|
| Price talk: | Treasuries plus 87.5 bps area
|
|
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