By Andrea Heisinger
New York, Dec. 11 - Westpac Banking Corp. on Tuesday priced $2 billion of 1.25% five-year covered bonds (Aaa//AAA) to yield mid-swaps plus 50 basis points, or Treasuries plus 61.9 bps, an informed source said.
The bonds were sold at the tight end of talk in the mid-swaps plus 51 bps area, plus or minus 1 bp, the source said.
Pricing was at 99.99 to yield 1.252%. There is no call option.
The sale was done under Rule 144A and Regulation S.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Westpac Banking Corp. were the bookrunners.
The bonds are backed by prime Australian residential mortgages.
The bank and financial services company is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
|
| Issue: | Covered bonds
|
| Amount: | $2 billion
|
| Maturity: | Dec. 15, 2017
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Westpac Banking Corp.
|
| Co-manager: | TD Securities USA LLC
|
| Coupon: | 1.25%
|
| Price: | 99.99
|
| Yield: | 1.252%
|
| Spread: | Mid-swaps plus 50 bps, Treasuries plus 61.9 bps
|
| Call: | Non-callable
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 17
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
| Price talk: | Mid-swaps plus 51 bps, plus or minus 1 bp
|
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