By Cristal Cody
Eureka Springs, Ark., Nov. 15 – Westpac Banking Corp. sold $1.5 billion of 4.322% fixed-to-floating rate subordinated notes due Nov. 23, 2031 on Tuesday with a spread of 210 basis points over Treasuries, according to a market source.
The notes priced on the tight side of talk.
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
The notes bear interest at a fixed rate until November 2026 and then carry a coupon based on the five-year mid-swap rate, according to a 424B5 filed with the Securities and Exchange Commission on Monday.
The notes are redeemable in November 2026.
Proceeds will be used for general corporate purposes.
The Australian bank and financial services provider is based in Sydney.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $1.5 billion
|
| Description: | Fixed-to-floating rate subordinated notes
|
| Maturity: | Nov. 23, 2031
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Coupon: | 4.322% until November 2026, then floats at an undisclosed spread to the five-year mid-swap rate
|
| Spread: | Treasuries plus 210 bps
|
| Trade date: | Nov. 15
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 215 bps area, plus or minus 5 bps
|
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