Published on 2/24/2015 in the Prospect News Investment Grade Daily.
New Issue: Westpac Banking prices $1.5 billion 2% covered bond due 2020 at 41 bps over mid-swaps
By Aleesia Forni
Virginia Beach, March 3 – Westpac Banking Corp. priced a $1.5 billion 2% covered bond (Aa2/AA-/) due March 3, 2020 at mid-swaps plus 41 basis points, a market source said.
The bond sold at the tight end of talk set at mid-swaps plus 41 bps to 42 bps.
Barclays, Citigroup Global Markets Inc., RBC Capital Markets and Westpac were the bookrunners.
The banking organization is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
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| Amount: | $1.5 billion
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| Description: | Covered bond
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| Maturity: | March 3, 2020
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| Bookrunners: | Barclays, Citigroup Global Markets Inc., RBC Capital Markets, Westpac
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| Coupon: | 2%
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| Spread: | Mid-swaps plus 41 bps
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| Trade date: | Feb. 24
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| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA-
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| Price talk: | 41 bps to 42 bps
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