By Cristal Cody
Tupelo, Miss., May 8 – Westpac Banking Corp. priced $3 billion of notes (Aa3/AA-/AA-) in four tranches on Tuesday, according to a market source.
The company sold $750 million of two-year floating-rate notes at Libor plus 28 basis points.
Westpac placed $500 million of 3.05% two-year fixed-rate notes at a spread of Treasuries plus 55 bps.
The $750 million tranche of five-year floaters priced at Libor plus 72 bps, while a $1 billion tranche of 3.65% five-year fixed-rate notes were sold with a spread of 85 bps over Treasuries.
The two-year notes priced on the tight side of guidance, while the five-year tranches priced on top of talk.
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Westpac Banking Corp. were the bookrunners.
The Sydney, Australia-based bank plans to use the proceeds for general corporate purposes.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $3 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Westpac Banking Corp.
|
| Trade date: | May 8
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Two-year floaters
|
| Amount: | $750 million
|
| Maturity: | May 15, 2020
|
| Coupon: | Libor plus 28 bps
|
| Price talk: | Libor plus 30 bps area
|
|
|
| Two-year notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2020
|
| Coupon: | 3.05%
|
| Spread: | Treasuries plus 55 bps
|
| Price talk: | Treasuries plus 57 bps area
|
|
|
| Five-year floaters
|
| Amount: | $750 million
|
| Maturity: | May 15, 2023
|
| Coupon: | Libor plus 72 bps
|
| Price talk: | Libor plus 72 bps area
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 15, 2023
|
| Coupon: | 3.65%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 85 bps area
|
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