By Devika Patel and Cristal Cody
Knoxville, Tenn., June 8 – Westpac Banking Corp. has issued $1.2 billion of 3.371% five-year series 2022-C5 fixed-to-floating rate covered bonds (Aaa//AAA), according to an announcement.
The bonds priced at par and have a fixed rate until June 7, 2027 and then a floating rate of SOFR plus 78 basis points.
Fixed rate is equivalent to SOFR mid-swaps plus 78 bps, on the tight side of talk in the SOFR mid-swaps plus 80 bps area, according to a market source.
RBC, Standard Chartered Bank, Toronto Dominion and Westpac Banking were the lead managers.
BNY Trust Co. of Australia Ltd. is the guarantor for the Rule 144A and Regulation S bonds.
The issuer is a Sydney, Australia-based bank.
| Issuer: | Westpac Banking Corp.
|
| Guarantor: | BNY Trust Co. of Australia Ltd.
|
| Amount: | $1.2 billion
|
| Issue: | Series 2022-C5 fixed-to-floating rate covered bonds
|
| Maturity: | June 7, 2027
|
| Extended due date: | June 7, 2028, for amounts under covered bond guarantee
|
| Lead managers: | RBC, Standard Chartered Bank, Toronto Dominion and Westpac Banking
|
| Coupon: | 3.371% until June 7, 2027, then SOFR plus 78 bps
|
| Price: | Par
|
| Yield: | 3.371%
|
| Spread: | SOFR mid-swaps plus 78 bps, or Treasuries plus 57.1 bps
|
| Trade date: | May 31
|
| Issue date: | June 7
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | SOFR mid-swaps plus 80 bps area
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
