By Marisa Wong and Cristal Cody
Los Angeles, Feb. 21 – Westpac New Zealand Ltd. priced $1.5 billion of fixed-rate notes in two parts on Tuesday, according to a market source.
Westpac New Zealand priced $750 million of 5.132% notes due 2027 with a spread over Treasuries of 75 basis points. Initial price talk was in the Treasuries plus 100 bps area.
The second tranche consisted of $750 million of 5.195% notes due 2029 priced with a spread over Treasuries of 95 bps. Initial price talk was in the Treasuries plus 120 bps area.
BofA, Citi, HSBC, JPMorgan and Westpac were the bookrunners.
The New Zealand issuer is a subsidiary of Westpac Banking Corp., a financial services company based in Sydney, Australia.
| Issuer: | Westpac New Zealand Ltd.
|
| Amount: | $1.5 billion
|
| Issue: | Notes
|
| Bookrunners: | BofA, Citi, HSBC, JPMorgan and Westpac
|
| Pricing date: | Feb. 20
|
|
|
| 2027 notes
|
| Amount: | $750 million
|
| Maturity: | Feb. 26, 2027
|
| Coupon: | 5.132%
|
| Spread: | Treasuries plus 75 bps
|
| Initial price talk: | Treasuries plus 100 bps area
|
|
|
| 2029 notes
|
| Amount: | $750 million
|
| Maturity: | Feb. 28, 2029
|
| Coupon: | 5.195%
|
| Spread: | Treasuries plus 95 bps
|
| Initial price talk: | Treasuries plus 120 bps area
|
|
|
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