New Issue: Westpac sells $1.35 billion 2.1% five-year covered bonds at mid-swaps plus 98 bps

By Aleesia Forni

New York, Nov. 18 – Westpac Banking Corp. priced $1.35 billion of 2.1% covered bonds (Aaa/AAA) on Thursday with a spread of 98 basis points over mid-swaps, a market source said.

The Rule 144A and Regulation S issue sold inside price guidance set in the 100 bps area over mid-swaps.

Bookrunners were Citigroup Global Markets Inc., HSBC Securities, TD Securities and Westpac Bank.

The banking organization is based in Sydney, Australia.

Issuer:	Westpac Banking Corp.
Amount:	$1.35 billion
Description:	Covered bonds
Maturity:	Feb. 25, 2021
Bookrunners:	Citigroup Global Markets Inc., HSBC Securities, TD Securities, Westpac Bank
Coupon:	2.1%
Spread:	Mid-swaps plus 98 bps
Trade date:	Feb. 18
Settlement date:	Feb. 25
Ratings:	Moody’s: Aaa
	Standard & Poor’s: AAA
Distribution:	Rule 144A, Regulation S
Price guidance:	Mid-swaps plus 100 bps area

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