Westpac talks benchmark three-tranche notes offer for Tuesday pricing

By Aleesia Forni

New York, Nov. 17 –Westpac Banking Corp. is planning to price a benchmark three-tranche offering of senior notes (Aa2/AA-/AA-) in fixed- and floating-rate parts due 2018 and 2020 on Tuesday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The offering will include three-year notes talked in the 90 basis points area over Treasuries and a three-year floater talked at the Libor equivalent to the fixed-rate tranche.

A five-year tranche is talked in the Treasuries plus 110 bps area.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the joint bookrunners.

Proceeds from the offering will be used for general corporate purposes.

The banking organization is based in Sydney, Australia.

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