By Aleesia Forni
Virginia Beach, May 19 – Westpac Banking Corp. detailed its $2.5 billion three-tranche issue of global notes (Aa2/AA-/) in a FWP filing with the Securities and Exchange Commission on Tuesday.
The sale, which came to market on Monday, included $1 billion of 1.55% notes due 2018 priced with a spread of Treasuries plus 65 basis points. Pricing was at 99.878 to yield 1.592%.
The notes sold tighter than initial talk set in the Treasuries plus low-70 bps area.
There was also $500 million of floating-rate notes due 2018 priced at par to yield Libor plus 43 bps.
The tranche was talked at the Libor equivalent to the three-year fixed-rate notes.
Also priced was $1 billion of 2.3% notes due 2020 at 99.901 to yield 2.321%, or Treasuries plus 80 bps.
Initial talk was set in the Treasuries plus high-80 bps area.
BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the joint bookrunners.
Proceeds from the offering will be used for general corporate purposes.
The banking organization is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
|
| Issue: | Global senior notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Scotia Capital (USA) Inc., Wells Fargo Securities LLC
|
| Trade date: | May 18
|
| Settlement date: | May 26
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 25, 2018
|
| Coupon: | 1.55%
|
| Price: | 99.878
|
| Yield: | 1.592%
|
| Spread: | Treasuries plus 65 bps
|
| Price guidance: | Treasuries plus low-70 bps area
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | May 25, 2018
|
| Coupon: | Libor plus 43 bps
|
| Price: | Par
|
| Yield: | Libor plus 43 bps
|
| Price guidance: | Libor equivalent of three-year fixed-rate notes
|
|
|
| Five-year notes
|
| Amount: | $1 billion
|
| Maturity: | May 26, 2020
|
| Coupon: | 2.3%
|
| Price: | 99.901
|
| Yield: | 2.321%
|
| Spread: | Treasuries plus 80 bps
|
| Price guidance: | Treasuries plus high-80 bps area
|
|
|
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