By William Gullotti and Cristal Cody
Buffalo, N.Y., May 16 – Westpac Banking Corp. sold $1.75 billion 4.184% covered notes due May 22, 2028 at a spread of 72.1 basis points over Treasuries, or SOFR mid-swaps plus 92 bps, on Monday, according to information provided by a market source.
The covered notes priced tight to guidance, with initial talk in the SOFR mid-swaps plus 95 bps area that was later revised to the mid-swaps plus 97 bps area.
HSBC, Lloyds, RBC, TD and Westpac were the active bookrunners for the deal, joined by passive bookrunner DBS.
The issuer is a Sydney, Australia-based bank.
| Issuer: | Westpac Banking Corp.
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| Amount: | $1.75 billion
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| Issue: | Covered notes
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| Maturity: | May 22, 2028
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| Bookrunners: | HSBC, Lloyds, RBC, TD and Westpac (active); DBS (passive)
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| Coupon: | 4.184%
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| Spread: | SOFR mid-swaps plus 92 bps, or Treasuries plus 72.1 bps
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| Pricing date: | May 15
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| Initial talk: | SOFR mid-swaps plus 95 bps area, revised to SOFR mid-swaps plus 97 bps area
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