By Lisa Kerner
Charlotte, N.C., Aug. 12 – Westpac Banking Corp. priced $5 billion of fixed- and floating-rate notes (Aa2/AA-/AA-) in five tranches, according to FWPs filed with the Securities and Exchange Commission.
Westpac Banking sold $500 million of three-year floating-rate notes at Libor plus 56 basis points.
The company priced $1.5 billion of 1.6% three-year notes at 99.982 to yield 1.606%. The notes sold at a spread of 75 bps over Treasuries.
Westpac Banking priced $500 million of five-year floating-rate notes at Libor plus 86 bps.
The company priced $1.5 billion of 2% five-year notes at 99.292 to yield 2.015%. The notes sold with a spread of 87.5 bps over Treasuries.
The final $1 billion tranche of 2.7% 10-year notes priced at 99.861 to yield 2.716% and sold at 115 bps over Treasuries.
BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for general corporate purposes, according to a 424B5 filed with the Securities and Exchange Commission.
The Australian bank and financial services provider is based in Sydney.
| Issuer: | Westpac Banking Corp.
|
| Amount: | $5 billion
|
| Description: | Fixed- and floating-rate notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 19
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA-
|
| Fitch: AA-
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | Aug. 19, 2019
|
| Coupon: | Libor plus 56 bps
|
|
|
| Three-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Aug. 19, 2019
|
| Coupon: | 1.6%
|
| Price: | 99.982
|
| Yield: | 1.606%
|
| Spread: | Treasuries plus 75 bps
|
|
|
| Five-year floaters
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| Amount: | $500 million
|
| Maturity: | Aug. 19, 2021
|
| Coupon: | Libor plus 86 bps
|
|
|
| Five-year notes
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| Amount: | $1.5 billion
|
| Maturity: | Aug. 19, 2021
|
| Coupon: | 2%
|
| Price: | 99.929
|
| Yield: | 2.015%
|
| Spread: | Treasuries plus 87.5 bps
|
|
|
| 10-year notes
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| Amount: | $1 billion
|
| Maturity: | Aug. 19, 2026
|
| Coupon: | 2.7%
|
| Price: | 99.861
|
| Yield: | 2.716%
|
| Spread: | Treasuries plus 115 bps
|
|
|
|
|
|
|
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