By Devika Patel
Knoxville, Tenn., Jan. 24 – Westpac Banking Corp. offered further details about a $1.5 billion issue of 2.894% subordinated notes due Feb. 4, 2030 (A3/BBB+/A+) that priced at par on Thursday at a spread of Treasuries plus 135 basis points, according to an FWP filed with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus low 150 bps area.
The notes will be reset Feb. 4, 2025 to but excluding the maturity to a fixed rate of Treasuries plus 135 bps.
BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., UBS 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: | $1.5 billion
|
| Description: | Subordinated notes
|
| Maturity: | Feb. 4, 2030
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., UBS Securities LLC and Westpac Banking Corp.
|
| Co-managers: | BMO Capital Markets Corp., ICBC Standard Bank plc and Scotia Capital (USA) Inc.
|
| Coupon: | 2.894%; Feb. 4, 2025 to but excluding maturity to Treasuries plus 135 bps
|
| Price: | Par
|
| Spread: | Treasuries plus 135 bps
|
| Call feature: | Feb. 4, 2025 at par
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus low 150 bps area
|
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