Westpac Banking holds fixed income investor calls for two-part offering of subordinated notes

By Cristal Cody

Tupelo, Miss., July 16 – Westpac Banking Corp. is holding fixed income investor calls that started Monday for a two-tranche dollar-denominated offering of subordinated notes (expected ratings Baa1/A+), according to a market source.

The registered deal includes notes due 2034 and notes due 2039.

BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Westpac Banking Corp. are the investor call arrangers and bookrunners.

RBC Capital Markets, LLC and TD Securities (USA) LLC are co-managers of the offering.

The 2034 notes will be callable on the July 2029 reset date at par. The 2039 notes are non-callable.

Proceeds will be used for general corporate purposes.

The Sydney, Australia-based bank plans to use the proceeds for general corporate purposes.

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