By Devika Patel and Cristal Cody
Knoxville, Tenn., June 8 – Westpac Banking Corp. has issued $1.2 billion of 3.371% five-year series 2022-C5 fixed-to-floating rate covered bonds (Aaa//AAA), according to an announcement.
The bonds priced at par and have a fixed rate until June 7, 2027 and then a floating rate of SOFR plus 78 basis points.
Fixed rate is equivalent to SOFR mid-swaps plus 78 bps, on the tight side of talk in the SOFR mid-swaps plus 80 bps area, according to a market source.
RBC, Standard Chartered Bank, Toronto Dominion and Westpac Banking were the lead managers.
BNY Trust Co. of Australia Ltd. is the guarantor for the Rule 144A and Regulation S bonds.
The issuer is a Sydney, Australia-based bank.
Issuer: | Westpac Banking Corp.
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Guarantor: | BNY Trust Co. of Australia Ltd.
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Amount: | $1.2 billion
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Issue: | Series 2022-C5 fixed-to-floating rate covered bonds
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Maturity: | June 7, 2027
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Extended due date: | June 7, 2028, for amounts under covered bond guarantee
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Lead managers: | RBC, Standard Chartered Bank, Toronto Dominion and Westpac Banking
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Coupon: | 3.371% until June 7, 2027, then SOFR plus 78 bps
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Price: | Par
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Yield: | 3.371%
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Spread: | SOFR mid-swaps plus 78 bps, or Treasuries plus 57.1 bps
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Trade date: | May 31
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Issue date: | June 7
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Expected ratings: | Moody’s: Aaa
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| Fitch: AAA
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Distribution: | Rule 144A and Regulation S
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Price talk: | SOFR mid-swaps plus 80 bps area
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