New York, Nov. 16 – Westpac Banking Corp. priced €500 million of 0.625% green bonds (Aa3/AA-) due 2024 at 99.212 to yield 0.741% or mid-swaps plus 27 basis points, according to a market source.
BofA Merrill Lynch, BNP Paribas, Credit Agricole CIB and Westpac were the joint leads for the Regulation S sale.
Demand for the offering was €1.25 billion, according to the source.
The deal came at the tight end of guidance, which was set at mid-swaps plus 30 bps and tighter than initial price thoughts in the mid-swaps plus 35 bps area.
Proceeds will be used to finance physical assets that satisfy the prescribed eligibility criteria of the Climate Bonds Standard.
The bank is based in Sydney, Australia.
| Issuer: | Westpac Banking Corp.
|
| Issue: | Green senior bonds
|
| Amount: | €500 million
|
| Maturity: | Nov. 22, 2024
|
| Lead managers: | BofA Merrill Lynch, BNP Paribas, Credit Agricole CIB and Westpac
|
| Coupon: | 0.625%
|
| Price: | 99.212
|
| Yield: | 0.741%
|
| Spread: | Mid-swaps plus 27 bps
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 22
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA-
|
| Distribution: | Regulation S
|
| Marketing: | Quick to market
|
| Talk: | Mid-swaps plus 30 bps
|
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