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Published on 6/21/2017 in the Prospect News Investment Grade Daily.

New Issue: Westpac Banking prices $1.5 billion five-year fixed, floating notes

By Cristal Cody

Tupelo, Miss., June 21 – Westpac Banking Corp. sold $1.5 billion of dollar-denominated notes (Aa3/AA-/AA-) in two tranches on Wednesday, according to a market source.

The bank priced $500 million of five-year floating-rate notes at Libor plus 71 basis points.

It also sold $1 billion of 2.5% five-year fixed-rate notes at a spread of Treasuries plus 77 bps.

BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Both tranches are non-callable, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will be used for general corporate purposes.

The bank is based in Sydney, Australia.

Issuer:Westpac Banking Corp.
Amount:$1.5 billion
Description:Notes
Bookrunners:BofA Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC
Trade date:June 21
Ratings:Moody’s: Aa3
S&P: AA-
Fitch: AA-
Distribution:SEC registered
Five-year floaters
Amount:$500 million
Maturity:June 28, 2022
Coupon:Libor plus 71 bps
Call feature:Non-callable
Five-year notes
Amount:$1 billion
Maturity:June 28, 2022
Coupon:2.5%
Spread:Treasuries plus 77 bps
Call feature:Non-callable

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