By Andrea Heisinger
New York, Nov. 16 - Westpac Banking Corp. priced $4 billion of notes (Aa1/AA/) in two tranches on Monday, an informed source said.
A $2 billion tranche of 2.25% three-year notes priced at 99.916 to yield 2.279% with a spread of Treasuries plus 100 basis points.
A $2 billion tranche of 4.875% 10-year notes priced at 99.929 to yield 4.884% with a spread of 155 bps over Treasuries.
Both tranches are non-callable.
The deal took much of the day to price and had about $6 billion on the books, a source said.
Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. ran the books.
Proceeds are being used for general corporate purposes.
The financial services company is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
|
| Issue: | Notes
|
| Total amount: | $4 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
|
|
| Three-year notes
|
| Amount: | $2 billion
|
| Maturity: | Nov. 19, 2012
|
| Coupon: | 2.25%
|
| Price: | 99.916
|
| Yield: | 2.279%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Non-callable
|
|
|
| 10-year notes
|
| Amount: | $2 billion
|
| Maturity: | Nov. 19, 2019
|
| Coupon: | 4.875%
|
| Price: | 99.929
|
| Yield: | 4.884%
|
| Spread: | Treasuries plus 155 bps
|
| Call: | Non-callable
|
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