By Andrea Heisinger
New York, May 22 - Westpac Banking Corp. priced $1.25 billion of 1.375% five-year covered bonds (Aaa//AAA) on Wednesday to yield mid-swaps plus 35 basis points, or Treasuries plus 51.75 bps, a market source said.
Pricing was at 99.86 to yield 1.404%.
The notes were sold under Rule 144A and Regulation S.
Bookrunners were Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC and Westpac Securities.
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 Jan. 7. That offering included a 1.6% five-year note sold at 80 bps over Treasuries.
| Issuer: | Westpac Banking Corp.
|
| Issue: | Covered bonds
|
| Amount: | $1.25 billion
|
| Maturity: | May 30, 2018
|
| Bookrunners: | Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, Westpac Securities
|
| Coupon: | 1.375%
|
| Price: | 99.86
|
| Yield: | 1.404%
|
| Spread: | Mid-swaps plus 35 bps, Treasuries plus 51.75 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | May 22
|
| Settlement date: | May 30
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
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