By Andrea Heisinger
New York, Jan. 21 - Westpac Securities NZ Ltd. priced $500 million of 2.625% three-year notes early on Thursday to yield 120 basis points over Treasuries, a source away from the deal said.
The notes (Aa2/AA/) priced at 99.928 to yield 2.65%. They are non-callable.
The deal was done under Rule 144A. Market sources said they were surprised the deal did not price during the day on Wednesday - the day the sale was announced.
Goldman Sachs & Co. ran the books.
The unit of financial services company Westpac New Zealand Ltd. is based in Auckland, New Zealand.
| Issuer: | Westpac Securities NZ Ltd.
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 28, 2013
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 2.625%
|
| Price: | 99.928
|
| Yield: | 2.65%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 28
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
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