By Cristal Cody
Tupelo, Miss., Jan. 10 – Westpac Banking Corp. priced $1.75 billion of 2% global covered bonds due Jan. 16, 2025 (Aaa//AAA) on Thursday at a spread of mid-swaps plus 40 basis points, or Treasuries plus 39.3 bps, according to a market source.
Initial price talk was in the mid-swaps plus 45 bps area.
Citigroup Global Markets Inc., HSBC Securities (USA) Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC and Westpac Banking Corp. were the bookrunners of the Rule 144A and Regulation S transaction.
Westpac Banking also marketed a registered offering of dollar-denominated fixed- and floating-rate notes on Thursday.
The bank is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $1.75 billion
|
| Description: | Global covered bonds
|
| Maturity: | Jan. 16, 2025
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., RBC Capital Markets, LLC, TD Securities (USA) LLC and Westpac Banking Corp.
|
| Coupon: | 2%
|
| Spread: | Mid-swaps plus 40 bps, or Treasuries plus 39.3 bps
|
| Trade date: | Jan. 9
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price guidance: | Mid-swaps plus 45 bps area
|
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