Westpac talks benchmark three-tranche notes offer for Monday pricing

By Aleesia Forni

Virginia Beach, May 18 –Westpac Banking Corp. is planning to price three-tranche offering of global notes in fixed- and floating-rate parts due 2018 and 2020 on Monday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The sale will include three-year notes talked in the low-70 basis points area over Treasuries and a three-year floater talked at the Libor equivalent.

A five-year tranche is talked in the Treasuries plus high-80 bps area.

BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

Proceeds from the offering will be used for general corporate purposes.

The banking organization is based in Sydney, Australia.

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