By Andrea Heisinger
New York, Jan. 8 - Westpac Banking Corp. gave terms of its $2.25 billion of senior notes (Aa2/AA-/) that were priced in Monday's session, an informed source told Prospect News.
A $1.25 billion tranche of 0.95% three-year notes priced at 99.885 to yield 0.989% with a spread of Treasuries plus 60 basis points. Pricing was at the tight end of guidance in the 62.5 bps area, plus or minus 2.5 bps.
A $1 billion sale of 1.6% five-year notes priced at 99.971 to yield 1.606% with a spread of 80 bps over Treasuries, which was in line with guidance.
The tranches are both non-callable.
Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The Sydney, Australia-based financial services company was last in the U.S. bond market with a $2.25 billion sale of notes in two parts on Sept. 18, 2012.
| Issuer: | Westpac Banking Corp.
|
| Issue: | Senior notes
|
| Amount: | $2.25 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
|
|
| Three-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | Jan. 12, 2016
|
| Coupon: | 0.95%
|
| Price: | 99.885
|
| Yield: | 0.989%
|
| Spread: | Treasuries plus 60 bps
|
| Call: | Non-callable
|
| Price talk: | 62.5 bps area, plus or minus 2.5 bps
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 12, 2018
|
| Coupon: | 1.6%
|
| Price: | 99.971
|
| Yield: | 1.606%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Non-callable
|
| Price talk: | 80 bps area
|
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